For non-residential property transactions, the latest HMRC monthly property transactions report revealed the provisional seasonally adjusted estimate in June 2024 was 9,710, a 2% drop from June 2023 and a 3% decline from May 2024.
The provisional non-seasonally adjusted estimate for non-residential transactions stood at 9,220 in June 2024, down 12% year-on-year and 9% lower than the previous month.
“Today’s figures are not particularly surprising, as borrowers hold off purchases while they wait for the long-awaited base rate cut,” said “Tony Hall (pictured left), head of business development at Saffron for Intermediaries. “However, no matter what the Bank of England decides to do tomorrow, the mortgage market is on a very positive trajectory.
“We are already seeing lenders compete on price and a lot of noise from the new government on housing is being matched by a hum of positive sentiment among consumers as they look to take advantage of newfound stability.”
For Chris Little (pictured centre), chief revenue officer at finova, what happened today was “a minor dip in a season of stability.”