Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC property transaction figures

Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC property transaction figures:

“The latest wave in an ocean of political uncertainty has left the UK facing another leadership contest to decide who will become the next Prime Minister; the third in as many months. The reality is that any change in leadership could lead to a change in direction for policy and ministers posts, creating an even greater sense of ambiguity that the market will have to respond to.

“In the immediate term, the housing market remains steady. Transaction levels continue to hold firm month on month as the backlog of transactions and completions only builds, having enjoyed such an active market since the summer of 2020. Any annual comparisons will of course paint a different picture but it’s important to keep in mind that the levels of activity seen in late 2020 and throughout 2021 were the exception not the rule. House prices are also continuing to benefit from an inflow of committed buyers and sellers who, for the most part, remain undeterred by wider financial uncertainty in the case of home purchases.

“While the intense levels of buyer competition may not be as prevalent as the peaks we witnessed at the start of the year, the market remains in agreement that a sudden drop off will be unlikely. Many areas of the country remain underpinned by unsatisfied buyer demand, whilst properties at the top and mid end of the market continue to perform well across the national Jackson-Stops network, particularly in Chichester, Newmarket, Northampton, and Woking.

“Getting a transaction over the line in the current climate can feel like a thankless - and challenging - task but buyers and sellers must remain resolute in their commitment to the transaction in order to secure a quick completion.”