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Landlords who benefit from our landlord tenant referencing service, rent guarantee scheme or any of our other services here at Advanced Rent have felt their fair share of uncertainty since Britain voted to leave the EU some two months ago. It is certainly an uncertainty that has been experienced by many landlords and other property market stakeholders, although they will be happy to know that the UK housing market has suffered very little since the once-in-a-generation decision was made. Another busy period for the property market Between June and July this year, residential property sales in the UK only decreased by 0.9%, according to the latest data from HMRC. The number of non-adjusted residential transactions for July 2016 actually rose by about 0.7% from the month before. The figures also show that transactions significantly heightened in March 2016 before substantially dropping in April, which has been attributed to the introduction that month of higher stamp duty rates on additional properties. Although April and May 2016 were lower than their corresponding months in 2015, the total for March to May 2016 was still significantly higher than the same period last year, news that should hearten many of the users of our Landlord Tenant Referencing Service. It is thought that non-tax factors could have also contributed to this trend, with the Bank of England's plans to curb buy-to-let mortgages also potentially leading to a pre-April rush to purchase. This does not even take into account the EU referendum's impact on transactions. Signs of reassuring stability Among those responding to the figures was Search Acumen director Andy Sommerville, who said that the statistics indicated a stabilising post-Brexit market. He observed: "Many would have expected a sharp fall in transaction activity in what was the first full month in our post-referendum economy, yet an underwhelming change suggests the darkness in our market shows little sign of worsening." Such sentiments were shared by Doug Crawford, chief executive officer of conveyancing services provider My Home Move, who added that the data showed a property market that had largely shook off the momentary uncertainty brought by the Brexit vote. He explained that "while transaction levels remain lower than a year ago, this is in the context of a market that is still feeling the effects of changes to stamp duty, which led to a frontloaded first quarter." With the future of the buy-to-let market remaining a bright one, here at Advanced Rent, we can help to further minimise any uncertainty in your life as a landlord through our suite of services geared towards your most specialised requirements. Simply contact us today for more information.
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