HOUSE prices UK: It perhaps wasn’t the most dramatic start to 2018, but equally figures released this morning from HMRC indicate that the UK property market held its own last month, with data reporting that the number of properties sold was almost identical to the level seen in January 2017.

The UK property market has held steady


The UK property market has held steady year on year
Due to it’s impartiality, the HMRC Residential Transactions report, which provides details of the total numbers of residential properties sold, is seen by many in the property industry as a key ‘litmus test’ of how the market is performing.
The data released today shows that in January, on a seasonally adjusted basis there were 102,720 residential property transactions in the UK, an increase on the number of properties sold in December 2017 of 1.3 per cent, but broadly similar to the 102,720 level of transactions reported in January 2017.
On an unadjusted basis, there were 82,840 sales last month, versus 107,940 in December 2017, compared with 80,710 and 109,600 in January 2017 and December 2016 respectively.
When reviewing the data, it’s worth remembering that the HMRC data is based on completed sales, which means that it reflects activity in November and December, given that the average time to sell a property in the UK is currently around three months. 

House-buying activity is steady if not spectacularGETTY - STOCK

House-buying activity is steady if not spectacular