In response to the HMRC Property Transactions data published which showed that there were 96,330 residential transactions in December some 19% higher than December 2023 and 3% higher than November 2024, Nick Leeming Chairman of Jackson-Stops, comments:

"The rise in transactions in December can largely be attributed to the pending stamp duty deadline in March. No doubt buyers across London and the South East in particular would have been pushing for deals to get across the line given the traditionally higher tax rates in this part of the country. This is evidenced across the Jackson-Stops network with the number of new applicants far outweighing new instructions in December in Bury St. Edmunds, Newmarket, Dorking, Northampton, Reigate and Sevenoaks.

“House prices are also holding steady, and growing in some local markets which has put the market on firm footing despite the UK’s economic outlook painting a mixed picture. Positively for borrowing buyers, widespread predictions are anticipating a number of cuts to the base rate this year, with rates possibly falling to 3.5% in 18 months’ time. Yet, inflationary pressures and low growth will leave consumers feeling like they have less disposable income in their pocket.

“Fundamentally the market remains in a steady position, underpinned by lifestyle and life stages driving sales, meaning that committed buyers are able to press on. Though a sustained period of stability, coupled with greater borrowing affordability should give undecided buyers the confidence they need to renew their searches in 2025.”