Jackson-Stops comments on HMRC Property Transaction Data for July 2024

Nick Leeming, Chairman of Jackson-Stops, comments on the publication of the HMRC Property Transaction Data for July 2024.

The publication of the HMRC Property Transaction Data shows that there were 90,630 UK residential transactions in July 2024, 7% higher than a year ago but marginally lower (less than 1%) month on month.

Nick Leeming comments:

“Today’s figures suggest that the market is positioning itself for a busier end to the year compared to even 12 months ago.

“While transaction data can take longer to show a shift in trends, even today’s annual uptick suggests greater confidence from buyers and sellers in direct response to a clearer political outlook and improving economic situation.

“This greater sense of clarity is being seen across the Jackson-Stops network too.

“In July, new applicants, listings and completions were all higher than June 2024.

“Completions particularly have seen a notable uptick month-on-month and are also up considerably on a year ago.

“Though, sellers continue to have the upper hand, and prices are being insulated as a result of the level of demand that is outstripping current stock levels.

“Despite this, buyers are remaining resolute in their searches, we have seen an 18% increase in applicants compared to a year ago and an 11% rise month on month.

“The market continues to be underpinned by the difficult polarity of both affordability and availability issues – key factors that Labour has already outlined its intention to address by building 1.5 million homes during this parliament.

“Yet, until these homes move from concept into reality it’s unlikely that the market dynamic can change drastically.

“For now, the market will continue to be driven by lifestyle changes and shifting buyer priorities, although we have a budget ahead which may change sentiment if there are any unexpected changes in taxation.”

Kindly shared by Jackson-Stops