With spring being traditionally the busiest time of year in the UK property market, it is no surprise to learn that the market invariably experiences an upturn at this time of year. In 2018, there have been concerns that the terrible weather conditions of March 2018 would negatively impact on the market, but figures for May suggest that the benefit was merely delayed. News of this late spring bounce for the UK property market is positive and many people will hope that it can be capitalised on.

The HMRC property transaction statistics stated that there was a reduction in property sales for April but for May of this year, there was an increase of 12.1% in property transactions. It should be noted that there was a fall of 1% with respect to annual figures which some people may deem to be a negative aspect but for most observers, the stark improvement on December figures will be greatly appreciated.

There was a big uptake on property transactions in May compared to April

There was a total of 95,480 residential property transactions for May and all regions of the UK saw an increase on the monthly figures.  In England, there was an increase of 12.4% with sales increasing by 80,900. This was a notable increase although the figures for Wales were more impressive. There may have only been an increase of 4,460 transactions over the month, but this equated to a rise of 25.2%, which is a huge rise.

There is optimism for the UK property market

It is important to not get carried away with figures but after a trying few months, it is only natural that people are keen to see positive signs in the property market. There is also hope that the new build sector will see improvements and an increased level of uptake. There is certainly optimism that the Help To Buy scheme has a role to play in assisting people step on to the property ladder.

It should be stated that it is not likely that the Government targets for new build developments will be met any time soon, but there is certainly an improvement when it comes to homes being developed. This can be seen in Stockport, and there is a lot to be said for the volume of new builds and development work taking place. Hopefully this optimism will remain in place, leading to more people stepping on to the property ladder.

At Spencer Harvey, we care about the local community and we are delighted to see Stockport on the rise. If you want to stay informed with what is happening here, you can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html