Residential Research
HMRC Property Transactions Fall in October
UK residential transactions totalled 82,910 in October 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC).
Transactions Total 82,910 in October 2023
UK residential transactions totalled 82,910 in October 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC). This is down 3% from September while 21% lower than October 2022.These latest data indicate that market activity remains muted in October. This will partly reflect the consistent fall in mortgage approvals since June 2023, with cash transactions continuing to prop-up overall sales volumes. However, given the slight rebound in mortgage approvals in October it is possible that transactions will post a moderate recovery in the coming months.
Monthly transaction volumes and monthly/annual change, UK
Source: HMRC, November 2023
Disclaimer: CBRE's Residential Rapid Response provides timely analysis and commentary of the latest residential market data releases.
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