Residential property transactions totalled 92,349 in May, marking a 13% year-on-year increase, HMRC has revealed.

The latest non-seasonally adjusted estimate shows that this figure also jumped by 7% between April and May.

The monthly estimates for property transactions by HMRC 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 statistics represent completions which are on average two to four months after an initial offer is made on a property.

Non-residential non-seasonally transactions are estimated to have totalled 9,380 in May, dropped by 4% and 5% year-on-year and month-on-month respectively.

CEO at Propertymark, Nathan Emerson, said that the increase in residential transactions is an “encouraging sign” that buyers have the confidence to despite ongoing economic pressures.

He added: "Our member agents are reporting that well-priced homes continue to attract strong interest, particularly where there is a good choice of stock available.

"However, maintaining this momentum will depend on improving housing supply and creating greater certainty for consumers. Stable economic conditions, affordable borrowing, and policies that support homeownership are all essential if we are to keep the market moving and give people the confidence to make long-term decisions."

Director at MT Finance, Tomer Aboody, concluded: "With higher transaction levels year-on-year, we are seeing buyers taking advantage of lower mortgage rates along with more flexibility on the behalf of lenders. The more muted month-on-month transaction figures may be down to some uncertainty around the Government leadership, along with ongoing macro factors including the Middle East war.

"With a new Prime Minister imminent, the market is facing a slightly uncertain few months with the possibility of further taxes. Hopefully some common sense and a drive in the economy can weather any extreme changes."

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