The number of transactions for residential properties across the UK jumped by 15% year-on-year in December, according to new HMRC data.

HMRC’s non-seasonally adjusted estimate for the number of residential property transactions totalled 98,120 in the final month of 2024, which was 7% down on the figure in November, however.

Figures also showed there 10,450 transactions for non-residential property in December, a level 7% on November but 3% down on December 2023.

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 for December have followed a spike in October and a dip in November, HMRC added, with transaction levels “stabilising” in the final month of the year.

“Looking at the non-seasonally adjusted figures, it will come as little surprise to see a dip in residential transactions in December,” commented sales and growth lead at Target Group, Melanie Spencer.

“With a drop in November too, there may be concerns of a pattern forming. However, it’s important to remember that October was a bumper month as buyers and sellers acted early to try and pre-empt anything in the Budget.

“Despite doom and gloom surrounding the Budget and a lack of action to support buyers, the housing market has continued to tick along. Feedback seems to be that buyers have returned to the market in 2025, looking to get plans back on track and beat the changes to stamp duty thresholds – although perhaps in vain given transaction times. With the first MPC meeting of the year next year, fingers are crossed for another cut to the base rate to really get things moving.”

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