Property transactions 5% lower compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in June 2024 is 5% lower than the same month last year. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in June 2024 is 90,420, 5% lower than June 2023 and 2% lower than May 2024 […]
Property transactions 24% higher compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in May 2024 was 24% higher than the same month in 2023. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in May 2024 is 91,660, 24% higher than May 2023 and 18% higher than April […]
Time for Bank of England to ‘pull its finger out’ as housing market, worries for older lenders and ‘expectations of cuts’ are at the forefront
The Bank of England has been told to ‘pull it’s finger out’ after it announced today that the base rate has frozen at 5.25 per cent for the seventh consecutive time following 14 increases – there is an an ‘expectation of cuts’ in the future alongside worries about older lenders and the housing market. Following […]
Residential transactions 17% higher than last year – HMRC
The provisional non-seasonally adjusted estimate of the number of UK residential transactions in April 2024 is 79,590, 17% higher than April 2023 and 9% lower than March 2024, according to recent data released by HM Revenue & Customs (HMRC). On a seasonally adjusted basis, the number of UK residential transactions in April 2024 is 90,430, 10% […]
Interest rates remain unchanged – BofE
The Bank of England’s (BoE) Monetary Policy Committee (MPC) took the decision to maintain the UK base rate at 5.25%. Out of the nine members comprising the Monetary Policy Committee, seven opted to maintain the current rate, while two advocated for a reduction. The governor of the Bank emphasised the necessity to observe further evidence […]
Large amount of planning applications refused despite housing crisis
Despite the ongoing housing crisis in the UK, London and the South East of England have the highest proportion of developer planning applications in the country, according to new data. Councils have warned they run the risk of going bankrupt in the next year. Property data provider Search Acumen has found that at least one […]
Transactions edge up month on month but 2023/24 a year to forget
Home moving transactions edged up 1% in March 2024 from 83,040 in February 2024 to 84,200 but remain 6% down on 2023 volumes. Meanwhile, annual volumes from April 2023 to March 2024 decreased 17% on the previous financial year to levels not seen since 2012/13. In 2022/23 there were 1,208,310 transactions; in 2023/24 this fell […]
Property transactions 3% lower compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in February 2024 was 3% lower than the same month in 2023. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in February 2024 is 73,360, 3% lower than February 2023 and 9% higher than January […]
Property transactions 10% lower compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in January 2024 was 10% lower than the same month in 2023. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2024 is 68,090, 10% lower than January 2023 and 20% lower than December […]
Property transactions 20% lower compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in December 2023 was 20% lower than the same month in 2022. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in December 2023 is 85,820, 20% lower than December 2022 and 2% lower than November […]
Property lawyers see 25% decrease in caseloads as firms adjust to a changing real estate market
The sluggish property market has had a lacklustre effect on property lawyers, who are now handling 25% fewer cases on average following a 21% fall in monthly property transactions year-on-year[1]. According to the Conveyancing Market Tracker (CMT) from property data company Search Acumen, the average property law firm handled 62 cases in Q3 2023, a […]
Bank of England hold base rate
The Bank of England monetary policy committee (MPC) have voted to hold the interest rate at 5,25% today. With inflation falling, and another announcement due next week on latest rate of inflation, many have suggested that interest rates may have peaked. The clearest indicator of confidence returning to the market is falling mortgage rates. Rightmove’s […]
2024 forecast: Debt, data, digital skills gap, and hybrid work challenges in legal and real estate sectors
Debt, data, a digital skills gap and a coming crunch point for hybrid working – Search Acumen highlights key themes for 2024 in legal and real estate markets. As 2023 comes to a close, property data and insight business, Search Acumen, reflects on a challenging year for real estate companies and property lawyers, and outlines […]
Property transactions 17% lower compared with the same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in October 2023 was 17% lower than the same month in 2022. The provisional non-seasonally adjusted estimate of the number of UK residential transactions in October 2023 is 90,920, 17% lower than October 2022 and 2% lower than September […]
Chancellor resists changes to SDLT
Despite calls for property market incentives, the chancellor has resisted changes to SDLT and Inheritance Tax and instead focused on national insurance and business rates relief in the Autumn statement. There have been calls for amendments to SDLT with people in the industry giving a divided response. The ongoing discussion centres on whether it should […]
‘Left-behind’ towns have outperformed the market for commercial property transactions with spend growing four times faster
The ‘left-behind’ towns across England and Wales earmarked for £20 million endowment-style funds each under the Government’s Long-Term Plan for Towns, have outperformed the property market for commercial transactions, according to a study by Search Acumen, the property data insight and technology provider. The Prime Minister and the Department for Levelling Up, Housing and Communities […]
Property transactions 16% lower compared with same period last year, data reveals
Data released from HM Revenue & Customs has revealed the number of UK residential property transactions in August 2023 was 16% lower than the same month in 2022. The estimated 95,000 transactions seen last month was 11% higher than the previous month of July 2023 on a non-seasonally adjusted basis. Looking at the same data […]
Transactions ‘set to fall to lowest levels since 2012’ – Zoopla
The number of UK housing transactions completing over 2023 is forecast to be over a fifth lower than 2022 and will represent the lowest figure since 2012. This comes according to Zoopla, who say the market is on track to hit one million sales completions in 2023, equivalent to the average household moving once every […]
Property transactions 9% lower compared with same period last year, data reveals
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in June 2023 was 9% lower than the same month in 2022. The 94,690 transactions seen last month was 28% higher than the previous month of May 2023 on a non-seasonally adjusted basis. Looking at the same data on […]
Mortgage approvals and transactions remain muted despite marginal May boost
Both property transactions and mortgage approvals increased marginally from the previous month in May, data released by HM Revenue & Customs and the Bank of England has revealed. Mortgage approvals The Bank of England said net mortgage approvals for house purchases increased by 3% from 49,000 in April to 50,500 in May, while remortgaging approvals […]