Thanks to Forbes for publishing my comments on HMRC’s October house price data.
The increase in residential property transactions – 8.1% up compared to October 2019 and 9.8% up compared to September 2020 – is good news for the property market and reflects positive forces that are applying uniquely to the housing market at this time.
By contrast, non-residential transactions have remained subdued – as owners and buyers struggle to come to grips with the ‘new normal’.
What is clear from the residential transactions data is that the fundamental drivers of value in residential property remain strong: our homes have never been so important as in lockdown.
So what next? What we know for sure is that this will be driven by a combination of macroeconomic factors and policy changes, neither of which are predictable in these uncertain, fast-changing times.
To read the full article, visit https://www.forbes.com/uk/advisor/personal-finance/2020/11/24/property-transactions-in-october-up-over-8-on-last-year/