UK house sales jumped 9% in September, says HMRC

The number of home sales in September was 9% higher than the same month last year, according to figures from HM Revenue & Customs (HMRC).

Across the UK, an estimated 91,820 house sales took place in September, which was also a fraction higher than in August.

This marked the first time that sales increased month on month, although by less than 1%, since May, HMRC said.

In the financial year so far, April to September, an estimated 547,350 home sales have taken place.

Hope has started to return to the housing market but sales growth has stagnated in recent months, property experts said.

Nick Leeming, chairman of estate agency group Jackson-Stops, said home-buyers have been “pressing on with their searches amid falling interest rates and positive wage growth”.

“Yet, transaction levels are becoming more stagnant month on month due to the lack of available stock on the market at this time which would enable more purchases,” he said.

Experts also pointed out that the Chancellor’s decisions on stamp duty in Wednesday’s Budget could squeeze first-time and second-home buyers next year.

The property sector was dealt a blow with Rachel Reeves announcing an increase to stamp duty charges on second homes and failing to extend tax relief for first-time buyers.

Nathan Emerson, chief executive of Propertymark, said: “As we move towards the end of the year, it remains upbeat to witness a real transformation within the housing sector with an overall trend of growth.”

Activity could pick up further with the Bank of England widely expected to cut the UK interest rate again next week, from the current level of 5%.

“However, there are some aspects contained within yesterday’s Budget which are extremely disappointing, with first-time buyers feeling the brunt,” Mr Emerson said.

Jackson-Stops chairman Mr Leeming added: “The Budget missed a clear opportunity to introduce stamp duty reform, something that could have also helped to stimulate greater activity within the market.”