Residential property transactions jump year-on-year in August – HMRC

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.”



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.

Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage

Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.