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Total property transactions up 14% period-on-period compared to 2014

Total property transactions have grown by 14 per cent between April and September 2014, compared to the same period a year earlier.

Over the same period, residential property transactions were up by 15 per cent, while non-residential transactions grew by 5 per cent, according to figures from HMRC.

Month-on-month, commercial property transactions dropped from 8,740 in September 2013 to 7,880 in September 2014, while by contrast, residential property transactions grew from 92,830 to 97,450 over the same period.

September’s figures were lower than the previous month for both residential and non residential; between August and September, non-residential transactions dropped by 1,360, while residential transactions fell by 4,910.

Residential transactions are already set for high growth this year and are on course to beat 2013 figures. In 2013, there were 1.06m residential property transactions in the calendar year, while between January and September 2014, there has been 921,570 transactions so far.

Similarly, non-commercial transactions have reached 81,120 up to September this year, compared to a total of 103,220 for the calendar year 2013.

However, transactions still remain some way below pre-recession levels; there were 1.66m residential property transactions during 2006, and 139,150 non-residential transactions in the same year.

Commenting on the figures, Mark Tighe, managing director of Catax Solutions, said: “The latest figures show robust business in commercial property transactions since the implementation of the Finance Act 2012 in April with sales figures up almost 5 per cent on the same period last year.

“Whilst numbers have levelled off slightly in September, this is likely to be seasonally related as businesses focus on productivity in the lead up to Christmas.

“Alarmingly, the continued lack of awareness of the potential for capital allowances relief remains the same. So far we’re tracking a loss of over £160m for this six-month period.”

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