The estimated number of UK residential transactions totalled 102,420 in August, which is a month-on-month drop of 2%, HMRC has revealed.

The tax agency’s latest monthly property transaction data comes after this figure increased by 2% in August.

Despite this month-on-month decrease in property transactions, the estimated number of residential property transactions increased by 8% year-on-year in September.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

The non-seasonally adjusted estimate of non-residential transactions increased by 12% month-on-month to 10,320, but fell by less than 1% year-on-year in September.

Head of business development at Saffron for Intermediaries, Tony Hall, said that the latest figures from HMRC "underscore the housing market’s continued resilience".

He added: "Despite the summer’s debate around potential stamp duty reforms and the wider political discussion over property taxation, confidence has remained strong in the run-up to next month’s Autumn Budget. With inflation holding steady and speculation mounting over a possible base rate cut, lenders may soon respond with further rate reductions, offering a welcome boost to borrowers.

"As we enter a pivotal period of economic and policy change, the upcoming Budget will play a key role in shaping market momentum and buyer sentiment. In the meantime, as anticipation builds, expert guidance will be more important than ever. Brokers will be crucial in helping borrowers navigate uncertainty and make informed, confident decisions in what remains a dynamic and fast-evolving market."

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