Target comments on latest property transaction figures

31 January 2025

Melanie Spencer, sales and growth lead at Target Group, said:

“Looking at the non-seasonally adjusted figures, it will come as little surprise to see a dip in residential transactions in December. With a drop in November too, there may be concerns of a pattern forming. However, it’s important to remember that October was a bumper month as buyers and sellers acted early to try and pre-empt anything in the Budget.

“Despite doom and gloom surrounding the Budget and a lack of action to support buyers, the housing market has continued to tick along. Feedback seems to be that buyers have returned to the market in 2025, looking to get plans back on track and beat the changes to stamp duty thresholds – although perhaps in vain given transaction times. With the first MPC meeting of the year next year, fingers are crossed for another cut to the base rate to really get things moving.

“If this is the case, it’s important that lenders are able to react. That requires the right systems and technology to not just support fast decision-making, but to facilitate efficiencies across the entire mortgage process. Timing can make or break a deal, particularly as we head towards another Stamp Duty cliff edge in the coming months.”