HMRC Property Transactions Broadly Stable in September
UK residential transactions totalled 85,610 in September 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC).
Transactions Total 85,610 in September 2023UK residential transactions totalled 85,610 in September 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC). This is broadly level to August, but 17% lower than September 2022.
These latest data indicate that market activity remains subdued relative to 2022 but has nonetheless stabilised in recent months. Although mortgage demand remains muted, overall sales volumes are being bolstered by cash buyers. However, given the further drop in mortgage approvals in September, transactions are unlikely to recover in the coming months.
Source: HMRC, October 2023
Disclaimer: CBRE's Residential Rapid Response provides timely analysis and commentary of the latest residential market data releases.
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