The latest HM Revenue and Customs (HMRC) figures reveal a surge in UK home sales during June, with an eight percent increase compared to the same month last year. An estimated 91,370 property transactions were recorded, which, while being eight percent higher than June 2023, represented a slight dip of less than one percent from May 2024.
Despite this minor month-on-month declinethe first since December 2023industry experts remain optimistic. Iain McKenzie, CEO of the Guild of Property Professionals, commented: “Transaction numbers have been steadily growing for some time now, and a month-on-month decrease is nothing but a fly in the ointment.”
He added: “The market still shows strength when compared to the previous year, with June’s figures eight percent higher than the same time last year.”
Emphasising the importance of perspective, McKenzie noted: “It’s important to consider these figures in the broader context of the market’s recovery.”
He concluded that the overall trend for 2024 remains upbeat, with increased transaction levels indicating a gradual return of buyer confidence.
Jason Tebb, president of OnTheMarket, observed that the housing market seemed to be in a holding pattern in June as the General Election approached, with transaction numbers slightly falling from the previous month.
Meanwhile, Kevin Roberts, managing director at Legal and General Mortgage Services, remarked on the market’s stability through June and July, with buyers showing resilience amidst General Election speculation.
The latest HM Revenue and Customs (HMRC) figures reveal a surge in UK home sales during June, with an eight percent increase compared to the same month last year. An estimated 91,370 property transactions were recorded, which, while being eight percent higher than June 2023, represented a slight dip of less than one percent from May 2024.
Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “Subdued transaction numbers are unsurprising considering the upcoming General Election and higher mortgage rates, with many buyers and sellers sitting on their hands.”
“However, with numerous lenders reducing their fixed-rate mortgages on the back of cheaper swap rates, borrowers are hoping this is a sign of better things to come and should boost transaction numbers in coming months.”
