The figure is the highest seen so far this year, however the number of transactions is still down 4.5% on May 2014.
The seasonally adjusted estimate of the number of residential property transactions increased by 1.0% between April 2015 and May 2015. This month’s seasonally adjusted figure is 3.1% lower compared with the same month last year.
There were 98,460 residential transactions in May, up from 88,230 in April. On a seasonally-adjusted basis, May saw 98,540 transactions compared to April’s 97,610.
Danny Waters, Chief Executive Officer of Enterprise Finance, said:
“Residential transactions in May were the highest we have witnessed so far this year, due in no small part to the buyer logjam being eased once the election outcome became clear. Activity still hasn’t returned to the levels witnessed last summer, but there is every chance we could be in for a repeat as we head towards peak season."
Peter Rollings, CEO of Marsh & Parsons, commented:
“Already this month, demand has been going from strength to strength – and confidence has more than rallied from the pre-election let-up, with new buyer registrations now up 27% on January.
“Mansion Tax is now a distant memory and the higher-end of the market is moving more freely once again. This optimism is filtering all the way down the ladder and an improved sense of positivity is translating into more properties going under offer across the capital. In London, demand and supply of homes on the market are accelerating neck-and-neck, which will ensure price growth continues cruising along at a sensible pace.”
