The number of residential property transactions across the UK registered a 13% year-on-year rise in July, new HMRC figures have indicated.

July’s total of 96,800 also represented a 7% monthly increase compared to June.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

The latest figures also revealed that for transactions in the non-residential sector, July’s total reached 10,350. This was an 11% jump on the same month last year as well as a 13% increase compared to June.

Chief revenue officer at finova, Chris Little, called the latest figures a “minor dip” in an otherwise “energetic season”.

“There is a lot of pent-up demand in the current property market, as buyers and sellers search for the most suitable options in a crowded market,” Little said. “The base rate cut will certainly stimulate activity, but we may not see an uptick in transaction volumes until later in the year.

“What we do know for sure is that the market is locked into a mortgage price war. Lenders are competing to fill their books before the end of 2024, and so the market is flush with opportunities. Although transactions may seem flat today, the stage is being set for a much busier property market in 2025.”

Legal & General Mortgage Services managing director, Kevin Roberts, added: “The horizon definitely seems to be looking a little brighter and there’s a confidence we’ll experience a busier last few months of the year, leading to further positive transaction figures in the future.”

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