Bridging Finance News:- UK residential house sales showed a 25.1 per cent year-on-year drop for June 2019, according to the HMRC’s non-seasonally adjusted figures.

The seasonally adjusted UK property transaction count was 84,490 for residential sales in June. The seasonally adjusted count of residential property transactions decreased by 9.6 per cent between May 2019 and June 2019, and was 16.5 per cent lower than June 2018.

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Brokers Hank Zarihs Associates said current uncertainty about whether the UK will leave Europe with  a deal on October 31st was a factor. However, the brokerage added the high level of demand for new homes meant in the long run transaction volumes would rise. Hank Zarihs Associates said lenders were still keen to offer development and refurbishment finance for the right projects.

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Tax changes contributed to previous transaction upticks

The residential housing transaction peak in March 2016 was associated with the introduction of higher rates on additional properties in April 2016. The December 2009 peak for the seasonally adjusted estimate was associated with the end of the stamp duty land tax ‘holiday’, during which the lower tax threshold was raised to £175,000.

The seasonally adjusted non-residential transactions for June was 9,140 representing a 7.2 per cent decrease between May 2019 and June 2019, and a 12.4 per cent year-on-year fall.

Since September 2013 non-residential transactions seasonal transactions have been rising. The seasonal non-residential pattern generally features a low point at the start of the calendar year, with a peak each March, coinciding with the end of the financial year.

Non-residential property includes commercial buildings, mixed use transactions or six or more residential properties bought in a single transaction.

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