The number of residential property transactions fell by 3% between September and October, according to the latest data published by HMRC.
Residential transactions totalled 110,850 in October, a figure that has climbed by 29% from the same month last year.
HMRC’s figures suggest that residential transaction levels have been stable in recent months, and remain similar but slightly elevated above pre-pandemic levels. For example the latest non-seasonally adjusted estimate for October 2022 compares to 107,100 in October 2019.
For non-residential transactions, HMRC’s estimate for October totalled 9,940. This was also a 3% fall from September and a 5% drop October last year.
Air Group CEO, Stuart Wilson, commented: “As we continue to deal with the impact of the tumultuous mini-Budget in September, the property transactions statistics from HMRC this month are far from surprising. Rising interest rates and soaring inflation have all contributed towards a challenging climate, however, the robustness of the UK housing market should not be underestimated.
“UK residential transactions have shown their typical stability in recent months, and have remained at levels comparable to late 2019, before the pandemic. While economic data like this is an indication of market trends, we should not lose focus on the reality faced by advisers and their clients every day.”
Head of lender relationships at Legal & General Mortgage Club, Danny Belton, added: “Today’s findings confirm that the mortgage market continues to sail relatively steadily through choppy waters.
“Demand and activity both remain relatively high despite economic stresses, while Moneyfacts data also shows that interest rates dropped across the board last week, particularly for three-year fixes. This should go some way to encourage buyers, as will the recommitment to stamp duty tax cuts in the Autumn Budget last week.
“Elsewhere, lenders remain very keen to write new business. Advisers are the crucial connecting piece, matching borrowers with lenders to ensure as many people can achieve their dream of homeownership as possible.”
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories