More people will be buying and selling homes over the next five years, with residential property transactions set to rise by nearly 30% by 2030, according to Coventry Building Society’s analysis of the Office for Budget Responsibility (OBR) forecast.

The report forecasts 1.48 million residential property transactions in 2030, compared to the 1.15 million in 2025, an increase of 28.6%. The OBR attributes this rise primarily to planning reforms, which are expected to support increased housebuilding.

In the recent Spring Statement it was announced that housebuilding is expected to reach a 40-year high, reaching 305,000 homes a year, by 2030. This, the government claims would take it “within touching distance” of its initial promise of 1.5 million new homes.

FIRST STEPS

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Nobody wants a static property market – people need to be able to buy and sell freely, so the anticipated increase in property transactions is a good thing.

“It shows more people – first-time buyers, growing families, as well as those looking to downsize – are able to move up and down the housing ladder as and when they need to.

“Planning reforms are a big driver behind the increase, but delivering more homes will require sustained effort. Ensuring land is made available for development is the first step, and offering incentives to local authorities could help make this happen faster.”