The number of residential property transactions in September has been estimated at 85,610, a drop of 17% compared to a year previously, HM Revenue and Customs (HMRC) has found.

In HMRC’s latest property transaction data, this figure is just 1% lower than the number of transactions that took place in August.

However, this is on the back of a 1% rise in monthly transaction numbers in August.

The HMRC national statistics provide monthly provisional estimates of residential and non-residential property transactions in the UK and its constituent countries.

These statistics are based upon records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA) for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT), respectively.

Head of business development at Saffron for Intermediaries, Tony Hall, said: “Falling mortgage rates and stable swap rates are helping to spark activity amidst the darkened economic backdrop. And although enquiries from new buyers are slightly down on last month, the market continues to be buoyed by a high volume of refinance activity, with UK Finance reporting that £17.5bn was spent on remortgaging in the UK in Q1 alone. The outlook for November and December therefore remains firmly positive (although of course subject to any nasty surprises).

“There is also great opportunity to boost this activity further by dispelling the myth of an imminent return to the 1-2% rates that we saw at the outset of the pandemic, and flash sale on house prices (as a response to the broader economic decline). Demand remains robust and while lenders are starting to compete on pricing, any significant changes are unlikely. We are firmly in a new, post-COVID era, and borrowers must understand that the market conditions and pricing models are very distinct from those seen in the past three years.”

Seasonal non-residential property transactions saw a rise of 1% month-on-month in September, falling by 4% year-on-year.

National director at Just Mortgages, Carl Parker, added: “While not as high as last year, we are still seeing consistent levels of buyer registrations, demonstrating there is some appetite in the market, but mainly among those who need to move rather than want to. It’s an important reminder of the essential role brokers play in educating clients in the realities of the market and what it means for each client’s individual circumstances. As brokers, we have to remain proactive in these efforts.

“It also serves to remind brokers to explore all opportunities and potential revenue streams – making sure they have the necessary support structure around them to make this a reality. In recent months, we have not only seen strong demand for our business protection licence training, we’ve just launched our next round of equity release licence workshops to support ambitious brokers in maximising every opportunity.”

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