For the non-residential sector, the latest HMRC monthly property transactions report showed the seasonally adjusted estimate at 10,140 transactions in April 2024. This is a 4% rise from April 2023 and a 3% increase from March 2024.
The non-seasonally adjusted estimate for non-residential transactions was 10,360, reflecting a 13% year-over-year increase but a 7% decline compared to the previous month.
“The summer months are known for energising the property market, and today’s uptick in data indicates this year will be no different,” said Chris Little (pictured left), chief revenue officer at finova. “With inflation falling further to the Bank of England’s 2% target and swap rates stabilising, the potential for a base rate cut this August is boosting market activity. As a result, consumer confidence is rising, and many first-time buyers who previously delayed buying a home are now making headway on the property ladder.”
Ben Waugh (pictured centre), managing director at later life lender more2life, agreed that the more stable market climate is encouraging borrowers to seize their opportunity to get a foothold on the housing ladder.
“Aspiring first-time buyers and homeowners weighing up their remortgage options, there is reason for optimism,” he said.