finova Broker comment on HMRC UK monthly property transactions data

27 September 2024

Matt Harrison, Sales Director at Finova Payment Services (fPMS) commented:

"The latest HMRC data for August 2024 shows positive momentum in the property market, with residential transaction volumes up by 5% compared to August 2023, despite a marginal drop of less than 1% from July. The provisional seasonally adjusted figure of 90,210 residential transactions for August reflects a resilient market, even in the face of broader economic challenges. The recent interest rate cut continues to support buyer affordability, helping maintain confidence and demand.

“Compared to August 2023, the growth in transaction volume is particularly encouraging, demonstrating strong underlying demand across the market. While non-residential sectors have seen slight declines, the sustained interest in residential properties points to the potential for continued market stability as we approach the final quarter of the year."