Search Acumen (property data insight and technology provider) comments on HMRC’s property transactions data for September 2023:
- The provisional seasonally adjusted estimate of the number of UK residential transactions in September 2023 is 85,610, 17% lower than September 2022 and 1% lower than August 2023
- The provisional seasonally adjusted estimate of the number of UK non-residential transactions in September 2023 is 9,760, 4% lower than September 2022 and 1% higher than August 2023
Andy Sommerville, Director at Search Acumen, the property data and insight provider, comments:
““It appears to be fright night for estate agents in the UK today, with latest HMRC transaction figures showing limited growth in the residential sector as interest rates continue to spook investors.
“As house prices waver, demand is being curbed by mortgage affordability. Banks are now predicting house prices might continue to fall through to next year before recovering. It’s the same overriding issue that’s subduing the commercial property markets as investors are having to devote more of their time to debt refinancing, while the question in most boardrooms is whether it makes more sense to press go on investment opportunities now or postpone decisions in the hope that rates will fall in short to medium term.
“In more challenging market conditions, investors need any edge they can find to maximise returns. It’s been a breakout year for AI and technologies like this have vast potential to help investors make better decisions, whether that’s about finding a competitive edge in a booming market, or mitigating risk during more challenging times. As investors and property owners look for better information to inform their decisions, data and technology can provide new insights to make sense of uncertain market conditions.”
