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House transactions down in March

The month of March saw the completion of 92,270 residential deals, a fall of 7% month-on-month, according to the latest figures from HMRC. Year-on-year, there was an 11.8% drop in transactions.

The seasonally adjusted estimate of the number of non-residential property transactions decreased by 7.9% between February 2018 and March 2018. The month’s figure is 12.1% lower compared with the same month last year.

The non-residential property market has mirrored, to a large extent, the residential market. The credit crunch effects from 2007 triggered a similar fall in transactions but not to quite the same extent as in the residential market.

Non-residential property transactions saw a generally flat seasonal cycle between September 2010 and September 2013, but since then there has been a rising trend. Unlike in the residential market, there have been no temporary tax reliefs in recent years to distort the underlying trend.

The seasonally adjusted estimate of the number of non-residential property transactions decreased by 7.9% between February 2018 and March 2018. The month’s figure is 12.1% lower compared with the same month last year.

 

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