HMRC has released its latest data revealing that residential property transactions totalled 101,070 in July 2024, up 4% compared to the same month last year. But beyond the statistics, what does this increase mean for those buying or selling a home?
Market confidence returning
The steady rise in completed transactions points towards improved confidence in the housing market. Despite challenges such as higher interest rates and cost of living pressures, both buyers and sellers are pressing ahead with plans to move.
For Sellers
- Greater activity suggests healthy levels of demand.
- Properties may attract more attention and achieve sales more quickly.
- This could be an opportune time to market your property.
For Buyers
- Increased transactions signal more competition for desirable homes.
- Mortgage products remain varied, so preparation and early advice are key.
- Acting quickly can make the difference between securing your ideal home or missing out.
Our Residential Property team is here to guide clients through the process with efficiency and transparency. Whether buying your first home, selling, or remortgaging, we ensure your transaction is handled smoothly so you can move forward with confidence.
Conclusion:
The 4% rise in residential property transactions shows that momentum is building in the market. If you’re considering a move, now is a good time to explore your options and seek expert legal guidance.
Speak to our team today to discuss how we can support your next property transaction on: 01403 456430, or email info@lewisdenley.com.