The number of UK residential property transactions grew by 5% in August compared to the same month last year, new HMRC data has revealed.

August’s total of 90,210 transactions was marginally down from the previous month, however, although this fall was worth less than 1%.

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 transactions, August’s estimate was 9,370, a total 4% lower than the same month in 2023 and 8% lower than July this year.

National account manager at Saffron for Intermediaries, Phil Lawford, commented: “Confidence has steadily been increasing as rates drop to their lowest levels in six months, inflation remains steady, and the supply of properties is growing.

“Two years on from the disastrous ‘mini-Budget’, the market has come a long way and brokers and lenders can look forward to a busier Q4 going into 2025.”

Director and co-founder of Fairbridge Capital, Aman Bajwa, added: “The Government has already indicated that it will place an emphasis on improving supply and standards in the property market, and the Budget, as well as the Leasehold and Freehold Reform Act 2024, are both opportunities for them to deliver on this goal.”

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