HMRC’s seasonally adjusted residential transactions for September 2024 show a marginal month-on-month increase for the first time since May 2024, increasing by less than 1% from 91,020 in August 2024 to 91,820 in September 2024.
Non-seasonally adjusted residential transactions decreased by 9% in September 2024 relative to the previous month.
Meanwhile, seasonally adjusted non-residential transactions in September 2024 increased by 5% relative to August 2024. Non-seasonally adjusted non-residential transactions are 9% higher relative to August 2024. Seasonally adjusted non-residential transactions are marginally higher (less than 1%) than in September 2023.
Clare Beardmore, director of distribution and mortgage club, Legal & General Mortgage Services, said: “Sales activity is at its highest level since 2020, creating an exciting window of opportunity for borrowers ready to dive in and make their move. With another cut to the central rate seemingly around the corner, momentum should hold – and could even strengthen – as we close out the year.
“Securing the best deal might seem overwhelming, but enlisting the help of a professional mortgage adviser can make all the difference. They know the ins and outs of the market, helping you find a deal that’s right for your needs.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “Lower mortgage rates have boosted activity in the market. With one interest rate cut behind us and hopefully another coming next week, bringing base rate down to 4.75%, buyers will be more confident about committing to a property purchase.
“However, Swap market volatility continues, with five-year Swaps edging up over 4% in reaction to the Budget. Some lenders are repricing upwards while others hold their ground for now at least, in a bid to attract new business.
“Borrowers should plan ahead and seek advice from a whole-of-market broker to find the best mortgage for their circumstances.”
