Greycoat Real Estate’s Thought on the Latest Increase in Property Sales in the UK

Greycoat specialists share information concerning the UK´s current housing trends. In the article “The Latest Increase in Property Sales Indicates a Reviving Property Market,” published on the “Property Industry Eye” website on May 1, 2024, Marc Da Silva notes that the UK recorded about 84,200 residential property transactions in March.

Compared to the previous month, this figure was 1% higher. According to data from Her Majesty’s Revenue and Customs (HMRC), this slight rise indicates that the country’s property market is on an upward trajectory. Since January 2024, the UK witnessed a commendable rise in home sales, Greycoat informs.

As top players in the real estate industry commented, the gradual increase of property sales for three consecutive sales indicates a reviving property market. The recent increase in property sales is primarily attributed to improving economic conditions, Greycoat real estate agency specialists assure.

For instance, mortgage approvals have risen, mainly due to declining inflation. With the Bank of England base expected to reduce soon, the country will witness a surge in first-time home buyers. Considering HMRC’s data, the real estate sector will experience a more active summer, Greycoat assures.

As the CEO of The Guild of Property Professionals, Iain McKenzie, suggests, commercial and residential transaction volumes will return to the post-pandemic levels. Undoubtedly, the property market is gradually regaining its footing. At Greycoat, we concur with the article’s insight that the country’s enhanced economic outlook significantly impacts property affordability. It is the main reason more prospective buyers can now invest in real estate and secure their dream homes.