By Legal Futures Associate Search Acumen
“With surer footing and an injection of cash on the way, we want to make sure that the industry is primed and ready for the challenge”
Search Acumen (property data insight and technology provider) comments on HMRC’s property transaction data for September 2024:
- The seasonally adjusted estimate of UK non-residential (commercial) transactions in September shows a 5% increase compared to September 2023, and a 5% increase compared to August 2024.
- The seasonally adjusted estimate of UK residential transactions in September shows a 9% increase compared to September 2023, and a less than 1% increase compared to August 2024.
Andrew Lloyd, Managing Director at Search Acumen, the property data and insight provider, comments:
“We are encouraged to see the uptick in commercial and residential transaction figures continue this month, sustaining the confidence we have in both markets’ recoveries from a tumultuous period. Despite significant tax rises, yesterday’s budget has at least ended weeks of speculation, providing further stability, with policy affecting the next few years in Government, being set and disclosed.
“Rachel Reeves’ plans to get Britain building again will be a key driver for sections of the housing market, with a promise of a significant £5bn investment setting the tone for the months ahead, while the promise of further business rates relief will be welcomed by affected commercial property occupiers. Combined with steady interest rate reductions, we are starting to see a more positive outlook for the industry.
“With surer footing and an injection of cash on the way, we want to make sure that the industry is primed and ready for the challenge that lies ahead. Hitting the Government’s steep housing targets will be no mean feat. All different facets of the industry will need to work together to remove roadblocks and ensure that hold ups sales and purchases of land or buildings are not hampered by slow processes and inefficient systems. A crucial part of this journey will be ensuring the use of technology is front and centre. Without it, we won’t find the industry progress nearly as quickly as we’d like.”
