The number of UK residential transactions experienced a slight monthly dip in July, data from HM Revenue and Customs has revealed.
The data, HMRC’s UK monthly property transactions commentary, showed, for a provisionally seasonally adjusted estimate, there were 90,630 transactions in July 2024, representing a marginal fall of less than one per cent when compared with June 2024.
However, Legal & General Mortgage Services managing director, Kevin Roberts, said this is not a particularly negative development as “the underlying strength of the market is evident”.
He said, despite a few speed bumps, “the road is pointing to a stronger 2025”.
“Capital Economics’ July Report indicates that house prices will stay flat for the rest of the year, and this will dovetail with falling mortgage rates to create a wave of new opportunities for buyers,” he said.
“For now, stability is enough, and the current range of products and apparent lender competition on rates and criteria is a sure sign that the market is in good health.”
A similar sentiment was shared by Saffron for Intermediaries head of business development, Tony Hall, who said: “While today’s figures are not what we expected, the housing market still looks poised for a busy autumn.
“With the Bank of England’s first interest rate cut since 2020 last month, we’re seeing a wave of new sub-4 per cent deals energising the mortgage market.
“Buyers are eager to jump back in, and with Zoopla reporting that listings have hit a seven-year high, this momentum will only grow further.”
However, Hall acknowledged that there will “still be hurdles for prospective buyers” as today’s market is a “different ballgame” compared to the years of “ultra-low rates we had before”.
In contrast, the non-seasonally adjusted estimate of the number of UK residential transactions experienced growth between July and June.
The data found there were 96,800 property transactions in July 2024, 13 per cent higher than July 2023 and 7 per cent higher than June 2024.
Looking forward, Roberts said the horizon “definitely seems to be looking a little brighter” adding “there’s a confidence we’ll experience a busier last few months of the year, leading to further positive transaction figures in the future”.
He added: “If you’re thinking about your next move, whether buying, selling, or simply remortgaging, now’s the time to consult a mortgage adviser.
“They are best placed to help you steer through the best options for you.”
tom.dunstan@ft.com
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