Residential Research
HMRC Property Transactions Post Small Decline in December
UK residential transactions totalled 80,420 in December 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC).
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Transactions Total 80,420 in December 2023
UK residential transactions totalled 80,420 in December 2023 (seasonally adjusted), according to provisional estimates from HM Revenue & Customs (HMRC). This is down marginally by 1% from November while 18% lower than December 2022. Total transactions were 1,022,820 in 2023, which was 19% lower than 2022 and in-line with our forecast.These latest data show that market activity remains muted. However, with lower mortgage rates and the recent recovery in mortgage approvals, we expect sales volumes to increase in the coming months.
Monthly transaction volumes and monthly/annual change, UK
Source: HMRC, January 2024
Disclaimer: CBRE's Residential Rapid Response provides timely analysis and commentary of the latest residential market data releases.
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