Property sales defy usual summer slowdown with 13% rise: HMRC

The number of residential property transactions totalled 93,530 in June, up 1% compared to the previous year and 13% higher than the previous month, the latest HMRC statistics show.

On a non-seasonally adjusted basis, transactions were 5% higher than June 2024 and 17% higher than May.

Nick Leeming, chairman of Jackson-Stops, commented: “While the surge in activity seen in March is unlikely to be repeated, the market remains steady for now, with completions progressing at a healthy pace, though regional variations continue to influence transaction timelines and completions. The full market picture is one that points to both an increase in demand as well as supply, with an upward trend of agreed sales likely to be reflected in figures in the coming months as mortgage affordability loosens.
 
“Across the Jackson-Stops network, our national figures show the mid to high end market remained steady in June, particularly across historically rich, well-connected market towns like Bury St Edmunds, Chichester and Colchester. We are seeing a seasonal uptick of prime country homes launch to market reflecting sustained buyer appetite for areas that blend heritage with accessibility. Similarly, high completion levels in Colchester, Hale, Northampton, and Sevenoaks highlights the continued demand for lifestyle-led, commuter-friendly areas.
 
"We expect market activity to hold steady in the coming months unless further stimulus is introduced such as interest rate cuts or targeted government incentives. For example, Jackson-Stops’ recent analysis of the downsizer market shows that stamp duty relief could unlock up to half a million homes within a year, offering an immediate boost to supply, transactions and tax revenues."

Hamza Behzad, business development director at Finova, said: “In a welcome break from the usual summer slowdown, the latest rise in UK property transactions signals growing buyer confidence. In May, we saw mortgage approvals shoot up for the first time in 2025, and as the Chancellor moves to slash regulatory red tape - potentially enabling lenders to offer mortgage loans at over four and a half times a buyer’s income - opportunities are opening up.

“While overall market activity hasn’t yet returned to historic highs, the market does appear to be steadying. With the Bank of England widely expected to cut rates next week, conditions could become even more favourable for buyers in the months ahead. As momentum builds, it’s the responsibility of technology partners to ensure lenders platforms can scale with both volume and product complexity – helping to supercharge the next phase of growth in the UK mortgage market.”

Tony Hall, head of business development at Saffron for Intermediaries, added: “Today’s figures show an encouraging uplift in transactions, indicative of resilience among buyers despite the recent rise in inflation. Since April’s stamp duty threshold announcement, evidence suggests that buyer confidence has been renewed, and this sentiment continued in June. Challenges are lingering though, as multiple leading property portals have started to place pressure on the government to provide flexible SDLT payment options. 

With markets anticipating that the Bank of England will make two further interest rate cuts before the end of 2025, there are reasons to stay optimistic through the next few months. The Chancellor’s recent decision to ease affordability rules also signals a long-term commitment to helping first-time buyers, and we’re already seeing lenders respond with more flexible mortgage options. Steady buyer activity combined with anticipated rate cuts suggest a positive outlook heading towards the autumn.”