The number of property transactions taking place in the UK has climbed by an impressive 4.3 per cent in the year to the end of October, the latest published report from HM Revenue & Customs (HMRC) has claimed.
It also reported that October, which is typically one of the best performing and busiest months of the year, saw a real rise in activity when compared to September this year. Transaction levels in October were 3.2 per cent higher than they were in September across all property types as investors looked to complete before the festive period.
In the report, HMRC reports that month on month data had shown increases steadily taking place throughout 2013 and right up until February 2014, where they started to decline and then flattened out. However, October has reversed this trend as activity picked up at the start of the autumn season.
The uptick in activity is a positive for the market as a whole, and could be down to the recent revival in commercial stock. In recent weeks, it has been reported that returns in the commercial property sector have outpaced other asset classes, reaching 20.1 per cent for the last 12 months.
And when it comes to activity, the same sort of positivity can be seen. Commercial property transactions in October 2014 were up by eight per cent when compared to the same month last year, indicative of the returning business sentiment that has been increasing throughout the year.
New data that has been published by the Land Registry has also confirmed that it completed over 1.5 million applications from its customers in October. It said that this was inclusive of 382,966 applications for dealings, 662,153 were applications to obtain an official copy of a register or title plan, 205,537 in searches and 102,912 transactions for value.