Jackson-Stops comments on HMRC Property Transactions Data June 2024
Nick Leeming, Chairman of Jackson-Stops, comments on HMRC Property Transactions Data June 2024, showing that, on a provisional seasonally-adjusted basis, the number of UK residential transactions in June 2024 is 91,370, 8% higher than June 2023 and marginally lower (less than 1%) than May 2024.
“While today’s data looks back to June – when the election result was yet to be announced – and shows a minor dip month on month, the property market has entered a phase of steady recovery with transaction volumes showing a level of stability in the first half of the year.
“The hope is that the landslide election victory will boost consumer confidence, adding certainty to the market to encourage buyers and sellers to press on with their home moves undeterred by political headwinds.
“Labour’s pledge to build 1.5 million new homes within the next five years is ambitious, but with mandatory local housing targets and grey belt allocation, the industry backs the Government’s determination to support the housing and planning crisis.
“If successful, this will unlock a period of significant building activity that hasn’t been seen for more than a decade.
“In the immediate term, any significant boost to the property market will not happen overnight, with borrowers keenly waiting with bated breath as to whether interest rates and therefore mortgages will come down with tomorrow’s Bank of England decision.
“This decision will have the potential to stimulate transactional growth with almost immediate effect, easing the pressure on buyer affordability.
“Across the Jackson-Stops network in June we have seen a steady uptick in new instructions compared to a year ago and exchanges have also remained in line with June 2023, with particularly strong levels of new listings year on year in the North-West, the South-East and Sussex.
“This suggest that popular areas that have consistently been on the top of buyers lists are sustaining this trend, with pressure on housing supply in small pockets of the UK insulating prices and activity levels for the foreseeable future.”
Kindly shared by Jackson-Stops
