Property Transactions In The UK Fall
You may be interested to read that, according to data produced by HM Revenue and Customs (HMRC), there has been a significant fall in the number of both residential and non-residential property transactions here in the UK in the 12 months to July 2019. Presumably, this will have had an impact on the number of both residential and commercial mortgage completions.
With regard to residential property transactions, there was a fall of 12.4% in the 12 months to July 2019 and there was a drop of 5.8% in non-residential property transactions over the same period.
The number of seasonally adjusted provisional residential property transactions in July 2019 was 86,630 with this being a fall of 8.5% from June 2019. The number of seasonally adjusted provisional non-residential property transactions in July 2019 was 9,760 with this being a rise of 2.8% from June 2019.
The definition of non-residential property refers to mixed use, commercial, six or more residential homes that are purchased in one transaction, forest, agricultural land plus any other type of property or land that is not classed as residential.
Here in the UK, there are many providers of finance to purchase both residential and non-residential properties. If you are seeking a commercial mortgage then, traditionally, the major high street banks have provided such finance for many years and tend to be the first choice. However, over the years, there have been an increasing number of specialist lenders appearing on the commercial lending scene including the likes of peer-to-peer lending platforms. Potentially, this benefits borrowers as it makes for a more competitive marketplace with lenders competing for business by offering competitive lending packages.
If you are looking to source a suitable lender then why not get in touch with ourselves and we will be pleased to put you in touch with a broker who specialises in helping people source suitable, competitive finance from an extensive panel of reputable lenders.