The number of residential property transactions fell by 6% in November compared to October’s total, new figures published by HMRC have shown.
HMRC’s non-seasonally adjusted estimate was 104,440 transactions in November, a 19% jump on the total in November 2023, however.
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.
For non-residential property, HMRC’s figures revealed a total of 9,750 transactions in November, which was 5% down from the same month in 2023, as well as 35% down from the estimate last October.
November’s figures were the first HMRC property data to be released after the Autumn Budget on 30 October, which included a measure to increase the higher rates of SDLT.
“At first glance these month-on-month figures could cause some alarm, bearing in mind the significant decrease in transaction levels across all properties,” chief sales and marketing officer at Phoebus, Richard Pike, commented.
“However, concerns around changes to capital gains tax and stamp duty ahead of the Autumn Budget are likely to have driven a higher level of property transactions in October than might otherwise have been expected.
“We can be encouraged at the year-on-year uplift in residential property sales and I expect this trend will continue, at least among first-time buyers who are taking advantage of the higher stamp duty bracket until April.”
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