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It is a good time to be an estate agent if the latest official data is anything to go by.
According to the latest figures from HMRC, non-seasonally adjusted residential transactions came to 104,330. This is up from 94,600 in August last year and 8% higher than July 2024.
Seasonally adjusted residential transactions were estimated at 90,210, a jump from 85,620 last year, although 1% down on a month earlier.
This brings the number of non-seasonally adjusted residential transactions for the financial year to date, which runs from April to August so far, to 461,210; up from 416,910 in the corresponding period last year.
For seasonally adjusted residential transactions, the number of sales for the year stands at 453,360, an increase on 415,200 last year.
Iain McKenzie, CEO of The Guild of Property Professionals, commented: “Another marginal fall in property sales should not spell disaster for the property industry, especially considering the healthy volume of sales we have seen so far this year.
“In many areas of the country, there is not enough good-quality, yet affordably-priced housing to meet the unprecedented levels of demand that estate agents are seeing. First-time buyers are choosing to sit tight, with hopes that market conditions will go in their favour.
“For others, it is simply a case of affordability concerns. Saving for a deposit is challenging at the best of times, but with living costs still high, and energy prices set to increase this winter, it makes the process even more difficult.
Nick Leeming, chairman of Jackson-Stops, said the latest figures from HMRC reflect the high demand his agency is witnessing across the housing market.
He commented: “This growth is partly driven by greater choice in mortgage products and rising buyer confidence, further supported by last month’s interest rate cut by the Bank of England—the first since 2020. As transaction data often lags behind real-time sentiment, we expect this positive momentum to carry through for the rest of the year.
“Our own data reflects this trend, with increased buyer interest translating into more applicant registrations across our branches, while we have also seen a steady rise in listings throughout the last quarter as vendors seek to capitalize on current market conditions.
“Looking ahead, all eyes are on the upcoming Budget. While potential changes to capital gains and inheritance tax may temporarily affect demand, we don’t expect it to dampen activity in the final quarter of the year.”
Matt Thompson, head of sales at Chestertons, remarked: “We saw more house hunters starting their property search in August than we did in the same month last year. This increase in buyer activity was driven by lower interest rates and the availability of more attractive mortgage products which also tempted first-time buyers to take the first step towards home ownership.”
Nigel Bishop of Recoco Property Search added: “In August, homeowners were motivated to put their property up for sale amid fears over an increase in capital gains tax in the upcoming Autumn Budget. As more sellers were entering the market, buyer interest and activity picked up too. Although this created a more competitive market for house hunters, the influx of homeowners wanting to sell quickly still allowed room for price negotiations.”
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