Jackson-Stops comments on HMRC Property Transactions data for October 2024

Nick Leeming, chairman of Jackson-Stops, comments on the publication today (29 November) of the HMRC Property Transactions data for October 2024.

The publication shows that, on a provisional seasonally-adjusted estimate, the number of UK residential transactions in October 2024 is 100,410, 21% higher than October 2023 and 10% higher than September 2024.

Nick Leeming said:

“The recent uptick in property transactions in October can be largely attributed to the aftermath of the General Election in July.

“The Labour party’s decisive victory provided much-needed political stability, akin to a North Star in the night sky for home buyers.

“This sense of certainty invigorated the market, encouraging buyers to act swiftly, especially with the looming Autumn Budget prompting a rush to finalise deals before any potential policy shifts, particularly for second homes and buy-to-let investors.

“However, this surge is not driven by speculative buyers seeking a change of scenery. Current activity reflects a market where transactions are propelled by necessity.

“Buyers are moving with purpose, driven by personal circumstances rather than opportunistic investments.

“Across the Jackson-Stops network, we continue to note prolonged transaction times, increasing the risk of chains breaking down.

“This October spike is likely the last significant burst of activity for 2024.

“With the Autumn Budget behind us, the groundwork laid this year on planning reform and revisiting financial services regulation sets a firmer foundation for the property market to prosper in 2025.

“Supply and demand imbalances remain, but there are promising opportunities for growth and stability on the horizon.” 

Kindly shared by Jackson-Stops