Comment on HMRC Property Transactions figures from Maria Harris OPDA

28 June 2024

Maria Harris, chair of the Open Property Data Association said: “ “It’s very promising to see that UK residential transactions have bounced back in May after a dip in April. The recent fall in inflation to at last meet the Government’s target is also a reason for optimism and we can dare to hope that the Bank of England might lower interest rates by the Autumn.

“But housing transaction volumes rely heavily on consumer confidence. No matter which party forms the next Government after next week’s General Election, we will continue to deal with a broken housing market unless new ministers tackle this urgently. Top of the list should be digitising our property data and resolving the notoriously sluggish homebuying process. Sharing digital property information across the housing market is a vital first step towards improving customer confidence in the homebuying and moving process and will slash contract exchange times significantly, contributing millions to GDP.”