The provisional seasonally adjusted estimate of the number of UK residential transactions in December 2024 stands at 96,330, 19% higher than December 2023 and 3% higher than November 2024.

This is according to the latest UK monthly property transaction report from the HMRC.

The report also showed the provisional non-seasonally adjusted estimate of the number of UK residential transactions in December 2024 was 98,120, 15% higher than December 2023 but 7% lower than November 2024.

And the provisional seasonally adjusted estimate of the number of UK non-residential transactions in December 2024 was 9,850, 3% lower than December 2023 but 4% higher than November 2024.

Commenting on the HMRC numbers  Finova Broker commercial director Matt Harrison said the notable 19% year-on-year increase in seasonally adjusted residential transactions for December 2024 suggested a growing confidence among buyers and sellers and a positive signal as we head throught 2025.

“While seasonal fluctuations are expected, the month-on-month rise in seasonally adjusted transactions reflects steady demand, which should give brokers, lenders, and advisers confidence in the market’s resilience. The non-residential sector has seen a slight year-on-year dip, but the monthly increase suggests ongoing activity.”

OnTheMarket president Jason Tebb commented: “Steady transaction numbers in December are encouraging, particularly given the time of year, as transactions are a better indicator of market health than house price fluctuations.

He added: “Two rate reductions in the second half of last year bolstered buyer and seller confidence, and with further cuts expected this year, there is cautious optimism which bodes well for the spring market. While some lenders have reduced their fixed-rate mortgages this month, helping ease affordability, increased stock means buyers have more choice so are in a stronger negotiating position and remain price sensitive.”

Volatile house prices

London estate agent and former RICS residential chairman Jeremy Leaf said: “Completed sales are a much better indicator of market health than more volatile house prices. However, these figures reflect activity mostly from around three to four months ago but of mortgaged and cash sales, so demonstrate considerable market resilience at a time of pre- and post-Budget uncertainty.”

He added: “In our offices, transactions are progressing but slowly as caution about economic prospects remains. Nevertheless, few sales seem to be failing or are subject to considerable renegotiation but patience is essential.”