"November’s activity was particularly strong on an annual basis, but did struggle to keep up the pace after such a busy October."
- Nick Leeming - Jackson-Stops
The latest figures released by HMRC showed that residential property transactions totalled 92,640 in November - 13% higher than November 2023 but 8% lower than October.
Non-seasonally adjusted residential transactions were down by 6% in November from October's 104,440.
Nathan Emerson, CEO of Propertymark, said: “With more competitive interest rates than this time last year, growing numbers of homes coming to the market, and a rush from many buyers and sellers to beat the rises to stamp duty commencing from April 2025 in England and Northern Ireland, the overall mix of market conditions has inspired many and, in numerous cases, provided the extra confidence and affordability people were waiting for to make their first or next house move.
“We anticipate a busier than normal first quarter of 2025. However, activity will likely settle back down to more expected levels, allowing people to comprehensively review the market and negotiate their next move without the pressure of a stamp duty deadline.”
Iain McKenzie, CEO of The Guild of Property Professionals, comments: “Many prospective buyers were waiting for mortgage rates to fall further before making their move, however, the impending Stamp Duty deadline has spurred them to act sooner. Historically the lead-up to a Stamp Duty change has generally created an increase of activity, and this time is no different.
“Despite a less-than-ideal start, the housing market proved resilient and finished 2024 strongly. This year the housing market has started in a much stronger position with more choice for buyers and a strong sales pipeline.
“If the Bank of England decides to cut the rate in February, it will be a further shot in the arm for the market. Rates cuts are on the card for 2025, but how many are still up for debate? While some economists are expecting at least four rate cuts, the financial markets are currently pricing in just two. Interest rate cuts should have a knock-on effect on mortgage rates, improving affordability and stimulating market activity.”
Nick Leeming, Chairman of Jackson-Stops, comments: "November’s activity was particularly strong on an annual basis, but did struggle to keep up the pace after such a busy October. The Chancellor's Autumn statement propelled the market into heightened activity. Although housing wasn't the central focus, confirmation that the temporary Stamp Duty change will end in April has driven serious buyers to act.
"This looming cost adds another layer for consideration, especially with mortgage rates remaining stubbornly high. We expect this elevated level of activity to continue through the early months of 2025, as buyers push to complete their transactions ahead of the Stamp Duty deadline.
"Across the Jackson-Stops network, we anticipate house prices to stay firm in 2025 whilst some local markets may see price increases of up to 4%. Market activity will be driven by buyers' pursuit of stability amid economic uncertainty. First-time buyers will be eager to secure their place as rental costs rise, upsizers will seek more space for growing families, and downsizers will aim to simplify their lives and capitalise on current market conditions.”
