HMRC data confirms property market still sluggish

24th June 2016

The number of homes sold in the UK in May was almost 14% lower than in the same month last year, according to fresh figures from HM Revenue and Customs. There were 84,300 homes sold in May 2016, compared to 97,820 in May 2015, with monthly property sales peaking in March, at 171,220, making it the busiest month for sales in the last decade as investors rushed to beat the increase in stamp duty. The number of homes sold in April, immediately after the new tax was introduced, dropped to 74,590. HMRC stressed that while the number of homes sold in April and May this year was lower than the corresponding months last year, the total number of homes sold in March, April and May was in fact higher.

The Daily Telegraph (22/06/2016)