Copy article

August UK monthly property transactions show "the property market is very much holding its own"

ended 27. September 2024

The ONS has just published the following property transactions data (key points below, full report here). Newspage asked property and mortgage industry experts for their views, below.

  • the provisional seasonally adjusted estimate of the number of UK residential transactions in August 2024 is 90,210, 5% higher than August 2023 and marginally lower (less than 1%) than July 2024
  • the provisional non-seasonally adjusted estimate of the number of UK residential transactions in August 2024 is 104,330, 10% higher than August 2023 and 8% higher than July 2024
  • the provisional seasonally adjusted estimate of the number of UK non-residential transactions in August 2024 is 9,760, 3% lower than August 2023 and 1% lower than July 2024
  • the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in August 2024 is 9,370, 4% lower than August 2023 and 8% lower than July 2024

7 responses from the Newspage community

Copy all

Star Quote
Copy

Editor
Andrew Montlake
Managing Director at Coreco
The property market has shown remarkable resilience in 2024. It continues to tick over even through tougher times. With mortgage rates improving by the day, the closing stages of the year could see a lot more activity and these figures are likely to improve.
Star Quote
Copy

Editor
Craig Fish
Director at Lodestone Mortgages
We have seen a steady increase in business as the year has progressed and as rates reduce further its likely to get busier. The word rate war hasnt been used for a while, but its time it made a comeback as lenders up the competition to hit their year end lending targets. Party season is now on the horizon and only one thing can get in the way, the words of Rachel Reeves in the Halloween budget. Lets hope its not a real horror show.
Star Quote
Copy

Mark Eaton
COO at April Mortgages
Given the challenges the economy has faced this year, the property market is very much holding its own. In fact, demand has been increasing in recent months as confidence in the property market returns. It’s therefore no surprise that transaction levels in August were up compared to the same month last year. While higher loan to income multiples and lower mortgage rates are one factor driving demand, another is the looming change to stamp duty, which will add a not insignificant amount to many people’s transaction costs. For first-time buyers, every penny counts and the stamp duty deadline in the spring of 2025 is almost certainly feeding through into demand. That could see transaction levels pick up further in the fourth quarter.
Copy

Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
It's inevitable that the number of property transactions went up in August 2024 compared to August 2023 given that mortgage interest rates have been sliding for quite some time now. There's life in the property market yet even if we don't get another rate cut this year..
Copy

Editor
Ben Perks
Managing Director at Orchard Financial Advisers
Whilst these figures are encouraging, improvements on 2023 can’t be celebrated too joyously. It’s great that things are improving, but 2023 was a dead year for property transactions so it's a low target to beat.
Copy

Editor
Gabriel McKeown
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
In a Dickensian twist, the UK property market unfolds as a gripping tale of two cities, with homeowners basking in the glow of rising values while commercial landlords grapple with vacant storefronts and empty offices. The residential market has demonstrated remarkable resilience, with transactions defying expectations and posting solid gains. This suggests a market not only holding its ground but gaining momentum in the face of persistent inflationary pressures and interest rate concerns. However, in contrast to the buoyant residential market, the non-residential sector appears to be grappling with challenges. This divergence raises questions about the broader economic recovery, with the softening in non-residential transactions indicating ongoing uncertainties in commercial property. Meanwhile, the residential market's resilience suggests an underlying strength in consumer confidence and housing demand. Transforming the UK's property market into a modern-day Jekyll and Hyde story.
Copy

Patricia McGirr
Founder at Repossession Rescue Network
Looking at these figures, it seems the recent rate drops have given borrowers a degree of comfort and confidence to make their next move. Good news but not groundbreaking.