Residential property transactions in June reached 98,700 on a seasonally adjusted basis, according to the latest figures from HM Revenue & Customs (HMRC). This represents a slight increase from the 98,460 transactions recorded in May.
Activity in June was also 2% higher compared to a year earlier. This previous period saw buyers completing purchases ahead of changes to stamp duty thresholds in England and Northern Ireland.
Despite the increase in transactions, the homebuying process is reportedly holding the market back due to longer completion times. Estate agents are calling for the Government and Housing Secretary Angela Rayner to prioritise reforms to the buying and selling process.
Nick Leeming, chairman of Jackson-Stops, noted that the market is moving at a measured pace, which should not be mistaken for a lack of demand. He stated that 8% of homeowners in England are currently planning to move or are already doing so, driven by work, family, and lifestyle reasons.
Nathan Emerson, CEO at Propertymark, described the increase in property transactions as an "encouraging sign" that buyers and sellers remain confident. He emphasised that healthy transaction levels are vital for both the housing market and the wider UK economy.