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During the month of April 2017 the UK saw a total of 99,910 residential transactions resulting in a huge 20.3% rise in transactions when compared to the same time last year. In addition to residential transactions almost breaking the 100,000 mark, the month of April also saw 9,980 non-residential sales according to recent data released by HMRC. It was also revealed in the latest information published by HMRC, that overall transactions are down 3.2% in comparison to the previous month, however, the current number of transactions are still seen as strong progress for the UK property market.
This large leap in transactions could be attributed to the introduction of extra stamp duty land tax in April 2016, which certainly had a dampening effect on the market at the time. While some may have anticipated a further slowdown in transactions in April of this year due to the tax changes for landlords, recent statistics show the resilience of the market.