In response to HMRC Property Transactions data published today which showed on a seasonally adjusted basis there were 91,820 UK residential transactions in September, 9% higher than September 2023 and marginally higher (less than 1%) than August 2024, Nick Leeming, Chairman of Jackson-Stops, said:

“The short delay in transaction data shows us the immediate boost that the outcome of the election provided the housing market, with buyers pressing on with their searches amid falling interest rates and positive wage growth. Yet, transaction levels are becoming more stagnant month on month due to the lack of available stock on the market at this time which would enable more purchases.

“Despite yesterday’s theatrics in the Budget, the property market remains in largely the same position as before. Making £5bn available for housebuilding is very significant, but until spades hit the soil there is no material change for the market.

“The Budget missed a clear opportunity to introduce stamp duty reform, something that could have also helped to stimulate greater activity within the market. This is a reform that many market commentators were already expecting, and one that the UK public is on board with. Jackson-Stops’ own research revealed that one in four people across the UK were supportive of a change to stamp duty. Though the decision to keep housing policy changes light yesterday shouldn’t spook buyer confidence, we hope this will only be strengthened further by falling inflation and better borrowing conditions.”