May rise in number of property transactions

May brought a rise in the number of residential property transactions completed in comparison to the same month for the year before, HMRC has revealed.

The total number of completed transactions for the month was 91,290, taking into account seasonal adjustments. This represents an increase of 17% compared to the number for May of 2023. According to the data released by HMRC, it is also an increase in comparison to the month before, in this case of 2%.

This latest rise made May the fifth month in a row where residential transaction numbers went up. It was also a larger increase than the 10% one that April produced, which suggests that residential sales are firmly on an upward curve.

Ryan McGrath from Pepper Money stated that a combination of more homes being available to buy on the market and people being eager to see transactions through was driving the boom.

Managing director at More2life Ben Waugh told Mortgage Solutions:

“The housing market is not prepared to sit still this year. Despite higher interest rates and the general election, which many assumed would prompt a possible lull in activity arising from uncertainty; borrowers are reaching out and seizing the opportunities when they arise.”

He also pointed out that inflation cooling off might be giving buyers a bit more confidence to go ahead with property purchases.

Mortgage advisors who have done CeMAP training courses will welcome these figures, whatever is causing them, as more buyers means more people who need mortgage advice.


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