In response to the HMRC Property Transactions data published which showed that there were 92,640 residential transactions in November, some 13% higher than November 2023 but 8% lower than October 2024, Nick Leeming, Chairman of Jackson-Stops, comments:

"November’s activity was particularly strong on an annual basis, but did struggle to keep up the pace after such a busy October. The Chancellor's Autumn statement propelled the market into heightened activity. Although housing wasn't the central focus, confirmation that the temporary Stamp Duty change will end in April has driven serious buyers to act. This looming cost adds another layer for consideration, especially with mortgage rates remaining stubbornly high. We expect this elevated level of activity to continue through the early months of 2025, as buyers push to complete their transactions ahead of the Stamp Duty deadline.

"Across the Jackson-Stops network, we anticipate house prices to stay firm in 2025 whilst some local markets may see price increases of up to 4%. Market activity will be driven by buyers' pursuit of stability amid economic uncertainty. First-time buyers will be eager to secure their place as rental costs rise, upsizers will seek more space for growing families, and downsizers will aim to simplify their lives and capitalise on current market conditions.”