“Property transactions in July remained steady on an annual basis, reflecting a consistent but seasonal level of market activity. Buyers are increasingly having to focus on the realities of their local markets but will be supported across the market by improved affordability following the recent base rate cut to 4%. This has helped unlock movement among homeowners nearing the end of fixed-rate deals, many of whom had kept plans on hold due to cost concerns. At the same time, a healthy supply of stock and demand for well-priced, high-quality homes is driving transactions in popular areas.

“Speculation around potential Stamp Duty Reform and wider property tax changes on high-value homes is also shaping behaviour ahead of the Autumn Statement. While proposals such as a Mansion Tax remain hypothetical, they risk unintended consequences if not carefully designed. Many older homeowners are asset-rich but cash-poor and further tax barriers could discourage downsizing and reduce market mobility; the very opposite of what the market needs.

“There is broad consensus across the property industry that a step-change is needed. However, this should aim for a balanced approach to reduce friction and support movement within the market.

“In the short-term, the prospect of reform may prompt a flurry of activity, as buyers and seller look to act before any change take effect and force buyers and sellers to change their plans once again.”