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HMRC data shows that more property sales are taking place than last year, suggesting buyer enthusiasm remains at moderate levels despite the upcoming general election.
The number of residential transactions in May 2024 was 91,290, up 17% from the same month last year and up 2% from April 2024.
Crispin Harris, director at Jackson Stops, said: “After five consecutive months of increases since January, we can confidently say that property transactions are up 2% month-on-month, indicating a stabilising market with further growth expected heading into the summer.”
“Pricing remains sensitive, but interest rates over the coming months are likely to be compatible with moderate capital gains. This is reflected in the latest figures from HM Land Registry, which showed the average UK house price rose 1.1% year-on-year in April.”
He added that figures from Jackson Stops’ national branches were even stronger in April and May, with new orders up 34% year-on-year, suggesting activity will continue on an upward trend in the coming months.
According to HRMC figures, non-residential transactions are up 6% from May 2023 and 1% from April 2024, while commercial transactions are also up from last year.
Andrew Lloyd, managing director at property data provider Search Acumen, said: “The increase in commercial property transactions in May is a welcome sign of the resilience of the property sector and suggests that the looming general election has not yet reduced investor concerns about the stability of the wider economy.”
“Following a decline in commercial property investment in the first quarter of the year, this strong result could mark a turning point for the industry and herald more dynamic times for both the residential and commercial sectors.”
“While gains in uncertain markets must naturally be emphasized, cautious optimism is the most prudent conclusion to take from today’s results. It is positive to see investors focusing on the fundamental strength of key assets and emerging opportunities in sectors such as technology and life sciences.”