“The data released this morning by HMRC underscores what many in the industry have been saying about the health of the property market in the UK over the last twelve months; demand in many regions has remained resilient to the ongoing Brexit headlines, and as a consequence, the total number of homes sold for 2018 is only very slightly lower than the last couple of years. For example, the total number of unadjusted transactions in the UK in 2018 was 1,194,980, versus 1,220,060 in 2017 and 1,235,020 in 2016. By any stretch of the imagination, given the current news agenda, this is an excellent result.
Once the way forward on the UK’s departure from the EU is clarified, then it’s highly likely we’ll see the market remain consistent at its current levels, due to the pent-up demand of home movers in areas where the market has been quieter for the last year or so, for example the South East and South West. In the meantime, in regions where we have existing developments, such as the Midlands, Wales, East Anglia and North, buyer levels remain consistently busy, particularly in the First Time Buyer and Second Stepper sectors, and as a consequence, we are advanced in the planning of our next round of investments into JV partnerships for the first quarter of 2019. Hopefully, today’s figures will provide SME developers considering new projects for 2019 with the confidence that there is ongoing demand for well-considered, quality residential stock.”
Jason Tebb, Group Chief Operating Officer, Go Develop