House sales increased by 8% annually in June – HMRC figures

The number of home sales taking place across the UK in June was 8% higher than in the same month a year earlier, according to HM Revenue and Customs (HMRC) figures.

An estimated 91,370 transactions were made, which was 8% higher than June 2023 but slightly lower (less than 1%) than in May 2024.

Although the month-on-month fall was only marginal, it marked the first monthly decrease since December 2023, HMRC said.

Iain McKenzie, chief executive of the Guild of Property Professionals, said: “Transaction numbers have been steadily growing for some time now, and a month-on-month decrease is nothing but a fly in the ointment.

“The market still shows strength when compared to the previous year, with June’s figures 8% higher than the same time last year.

“It’s important to consider these figures in the broader context of the market’s recovery.

“The overall trend for 2024 remains positive, and higher transaction levels compared to last year suggest that buyer confidence is gradually returning to the market.”

Jason Tebb, president of website OnTheMarket, said: “The housing market appears to have been largely treading water in June ahead of the General Election, with transaction numbers slightly down on the previous month.”

Kevin Roberts, managing director, Legal and General Mortgage Services, said: “The market remained steady in June and July with buyers largely undeterred by the General Election speculation.

“All eyes are now on the Bank of England’s interest rate decision tomorrow, but the truth is that the market is already enjoying strong competition on rates with many lenders now offering fixes below 4% for the first time since April.

“Product choice and buyer confidence are both high, feeding into a positive market outlook.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Subdued transaction numbers are unsurprising considering the upcoming General Election and higher mortgage rates, with many buyers and sellers sitting on their hands.

“However, with numerous lenders reducing their fixed-rate mortgages on the back of cheaper swap rates, borrowers are hoping this is a sign of better things to come and should boost transaction numbers in coming months.”