By Legal Futures Associate Search Acumen
- The seasonally adjusted estimate of the number of UK residential transactions in August 2024 is 90,210, 5% higher than August 2023 and marginally lower (less than 1%) than July 2024.
- The seasonally adjusted estimate of the number of UK non-residential transactions in August 2024 is 9,760, 3% lower than August 2023 and 1% lower than July 2024.
Andrew Lloyd, Managing Director at Search Acumen, comments:
“The increase in residential property transactions offers a note of cautious optimism as we move out of the traditionally quieter summer months which had a more pronounced effect on the commercial sector.
“Despite a recent interest rate freeze, July’s interest rate reduction has begun to have a tangible impact, with August’s figures suggesting that homebuyers are keen to capitalise on more favourable borrowing conditions, a trend which commercial investors will likely also follow soon, especially if we see further rate cuts as the year progresses. This underscores the market’s responsiveness to monetary policy and highlights the crucial role of accessible finance in stimulating property market activity.
“Looking ahead, the Labour Party conference has brought property market reform into sharp focus. Angela Rayner’s outline of plans to reform the planning system and increase housing stock could have significant implications for the sector. While the full impact of such reforms would take time to materialise, the prospect of change is an exciting opportunity to introduce more activity into the market. As we transition into autumn, typically a more active period for property transactions, it will be crucial to monitor how these various factors continue to shape market activity.”
