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24 August 2016

Jon Hall comments on the monthly property transactions

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Jon Hall, Managing Director of Masthaven Bank comments on the monthly property transactions completed in the UK, in light of HM Revenue & Customs’ report.

“That there is only a slight decrease of 0.9% in the number of property transactions between June 2016 and July 2016 gives an optimistic outlook for the residential housing market over the coming months.  Although the industry is still in a lull following the Bank of England’s implementation of a higher rate of Stamp Duty, as well as Brexit and the seasonal nature of purchases, we expect to see demand increasing into 2017.

Similarly, the decrease of 7.5% for non-residential property transactions is likely to be related to the major reform to non-residential Stamp Duty, announced in the Budget.”