According to the latest HMRC Property Transactions data, there was a 9% increase in residential property transactions in September (to 91,820), compared to September 2023. This was less than a 1% increase compared to August 2024.
Nick Leeming, chairman of Jackson-Stops, said: “Despite 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.
“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.”
Andrew Lloyd, managing director at Search Acumen, added: “We are encouraged to see the uptick in commercial and residential transaction figures continue this month, sustaining the confidence we have in both markets’ recoveries from a tumultuous period.
“Despite significant tax rises, yesterday’s budget has at least ended weeks of speculation, providing further stability, with policy affecting the next few years in Government, being set and disclosed.
“Rachel Reeves’ plans to get Britain building again will be a key driver for sections of the housing market, with a promise of a significant £5bn investment setting the tone for the months ahead. Combined with steady interest rate reductions, we are starting to see a more positive outlook for the industry.”
