Search Acumen (property data insight and technology provider) comments on HMRC’s property transaction data for November 2024:
- The seasonally adjusted estimate of UK non-residential (commercial) transactions in October shows a 42% increase compared to October 2023, and a 40% increase compared to September 2024.
- The seasonally adjusted estimate of UK residential transactions in October shows a 21% increase compared to October 2023, and a less than 10% increase compared to September 2024.
Andrew Lloyd, Managing Director at Search Acumen, the property data and insight provider, comments:
“Recovery in the commercial and residential property markets is transitioning into consistent growth following another month of promising transaction increases. They reflect a change in the property market that is encouraging, and one we hope will continue to snowball over the winter months.
“Several weeks on from a historic budget, and a few months on from a historic election, the dust has begun to settle, providing the certainty we have been looking for. This has given way to positive movement in the market, with transaction volumes reflecting this. Interest rates, while not as low as we could hope, are feeling less like the credit-constraining property correctors of the post-pandemic years that had stifled growth in our sector. In the commercial market, growth is being driven by high-quality assets and thriving subsectors. The hotel and luxury retail sectors in particular have attracted investor interest more successfully than the office market, for example. We can be largely positive about the upward trend of the market in these new political and economic conditions.
“With the market continuing to pick up momentum, positive movement and progress being stifled by hurdles in the transaction process is an even greater shame. Inefficiencies slowing deal flows could be overcome with the adaption of the sale and purchase system in the UK. Fortunately, this process is not set in stone, it just needs a combined and sustained effort to change. Digital innovation and technological advancements using AI need to be used to unlock a revolution to the existing transaction process. Adoption of technology will ensure property deals keep pace with growth in the market.”
