Search Acumen comments on HMRC’s property transaction data for May 2024

2nd July 2024

  • The seasonally adjusted estimate of the number of UK non-residential transactions in May 2024 is 10,130, 6% higher than May 2023 and 1% higher than April 2024.
  • The seasonally adjusted estimate of the number of UK residential transactions in May 2024 is 91,290, 17% higher than May 2023 and 2% higher than April 2024.

Andrew Lloyd , Managing Director at Search Acumen, says:

“The uptick in commercial property transactions for May is a welcome sign of resilience in the real estate sector, demonstrating that the looming General Election has not yet deterred investors against a wider economic picture of stability. This positive result after a downward swing in commercial real estate investment in the first quarter of the year could signal a turning point for the industry, potentially ushering in a more dynamic period for both residential and commercial sectors alike.

“Whilst we must rightfully underscore gains in an uncertain market, cautious optimism remains the most sensible takeaway of today’s results. It is positive to see investors focus on the fundamental strengths of prime assets and emerging opportunities in sectors such as technology and life sciences. This selective approach to investment highlights the importance of detailed, reliable property data in informing strategic decisions and supporting faster deals. However, it will remain challenging to predict the bigger impact of the General Election on investors more broadly, as the wheel of fortune also lies in the hands of the Bank of England for a long-awaited interest rate reduction to stimulate growth.

“Looking ahead, whilst challenges persist, there is a sense of ‘steady as she goes’ that is keeping momentum moving. For those of us in the property data and search sector, this reinforces the need to continue to innovate and provide the tools for lawyers and investors to act swiftly and confidently, moving deals ahead at full steam to help navigate market sensitivities.”

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