Tuesday 21 May 2019 4:16 pm

Property transactions dip in April as political uncertainty weighs on buyers

Property transactions slipped slightly in April as political uncertainty hampered a traditional spring surge.

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Residential property transactions fell 0.3 per cent month-on-month in April, but were up 0.8 per cent on last year, according to the latest figures from HMRC.

The dip in transactions show uncertainty around Brexit continues to dampen buyer demand, while industry analysts also point to a lack of supply.

But transactions for non-residential properties jumped 9.5 per cent on a monthly basis, and increased 7.1 per cent on April last year, showing demand for commercial real estate remains strong.

“There is undoubtedly much pent-up demand as buyers and sellers have inevitably put decisions on hold because of Brexit,” said Jonathan Harris, director of mortgage broker Anderson Harris.

“However, as the politicians continue to argue and don’t seem any closer to a resolution, people are finally getting the message that they need to get on with their lives and not rely on what is going on in Westminster and beyond.”

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Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Whilst the number of sales last month doesn’t equate to a ‘spring surge’ by any means and is down slightly on the previous month, equally they potentially point to a degree of resilience in the face of ongoing political headwinds.”