Accredited official statistics

UK monthly property transactions commentary

Updated 29 November 2024

1. Headline statistics

Headline statistics from the latest transactions data include:

  • the provisional seasonally adjusted estimate of the number of UK residential transactions in October 2024 is 100,410, 21% higher than October 2023 and 10% higher than September 2024

  • the provisional non-seasonally adjusted estimate of the number of UK residential transactions in October 2024 is 111,100, 23% higher than October 2023 and 17% higher than September 2024

  • the provisional seasonally adjusted estimate of the number of UK non-residential transactions in October 2024 is 14,150, 42% higher than October 2023 and 40% higher than September 2024

  • the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in October 2024 is 14,990, 47% higher than October 2023 and 49% higher than September 2024

2. Executive Summary

Seasonally adjusted residential transactions increased by 10% from 91,690 in September 2024 to 100,410 in October 2024. Non-seasonally adjusted residential transactions increased by 17% in October 2024 to 111,100 relative to September 2024. This is the the highest monthly non-seasonally adjusted figure since November 2022.

Seasonally adjusted non-residential transactions in October 2024 represent a significant increase, increasing by 40% relative to September 2024. Non-seasonally adjusted non-residential transactions are 49% higher relative to September 2024. Non seasonally adjusted non-residential transactions are 14,990, this is the highest monthly non-seasonally adjusted figure since these statistics began in April 2005.

3. About this release

These HM Revenue and Customs (HMRC) National Statistics provide monthly provisional estimates of residential and non-residential property transactions in the UK and its constituent countries. National Statistics are accredited official statistics.

These statistics are based upon records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA) for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) respectively.

The latest release was published 09:30 29 November 2024 and was updated with provisional data from completed transactions during October 2024. The next release will be published 09:30 10 January 2024 and will be updated with provisional data from completed transactions during November 2024.

The ‘Monthly property transactions completed in the UK with value of £40,000 or above’ statistical release is Crown Copyright. The information can be used as long as the source is clearly described.

The data within these HMRC statistics does not necessarily reflect the current strength of the housing market, because they represent completions which are on average two to four months after an initial offer is made on a property.

4. The latest statistics

The latest statistics section provides information on UK residential and non-residential transactions during the previous 3 years. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.

Caution is advised when interpreting estimates for the latest month due to their provisional status. This is because they are based upon incomplete data as not all SDLT, LBTT and LTT returns are received by HMRC, Revenue Scotland and WRA when figures are compiled.

We therefore expect statistics to be revised in future months, although transactions figures generally settle after approximately 3 months.

4.1 Figure 1: Non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between October 2021 and October 2024.

Figure 1 demonstrates the following trends for UK residential transactions:

  • provisional figures for October 2024 have increased by 10% for seasonally adjusted transactions from September 2024

  • non-seasonally adjusted transactions increase by 17% in October 2024 relative to September 2024

4.2 Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between October 2021 and October 2024.

Figure 2 demonstrates the following trends for UK non-residential transactions:

  • seasonally adjusted transaction levels have shown a substantive increase of 40% relative to September 2024

  • non-seasonally adjusted non-residential transaction figures have increased by 49% relative to September 2024

5. UK residential transactions

Residential property refers to buildings used or suitable for use as a dwelling, or in the process of being constructed for use as a dwelling. It also includes the gardens and grounds of dwellings. Go to HMRC Stamp Duty Land Tax Manual for more definitions of residential and non-residential properties.

The following section provides detailed analysis of UK residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.

5.1 Figure 3: Comparisons of non-seasonally adjusted and seasonally adjusted UK residential transactions in October between 2015 and 2024.

Month and year Non-seasonally adjusted Seasonally adjusted
October 2015 119,950 106,750
October 2016 98,070 95,630
October 2017 107,560 101,090
October 2018 109,020 99,720
October 2019 107,100 98,130
October 2020 121,740 106,230
October 2021 85,890 76,770
October 2022 110,010 104,830
October 2023 90,230 82,980
October 2024 [provisional estimates] 111,100 100,410

5.2 Figure 4: Financial year to date (April to October) comparison of UK residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.

Financial Year Non-seasonally adjusted Seasonally adjusted
2015 to 2016 758,740 725,790
2016 to 2017 676,270 650,170
2017 to 2018 736,890 716,400
2018 to 2019 718,990 698,880
2019 to 2020 708,310 687,190
2020 to 2021 537,460 509,420
2021 to 2022 870,780 850,810
2022 to 2023 750,870 729,190
2023 to 2024 600,100 583,570
2024 to 2025 [provisional estimates] 668,750 647,670

5.3 Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2024.

Figure 5 demonstrates the following trends for UK residential transactions:

  • there were large peaks in transactions during March, June, and September 2021 caused by increased numbers of taxpayers taking advantage of temporarily increased nil rate bands of SDLT, LBTT, and LTT

  • the COVID-19 pandemic caused substantial decreases for transactions during 2020 quarter 2

  • there was a large peak in March 2016 caused by increased amounts of taxpayers completing before the introduction of higher rates for additional residential properties from April 2016

  • there was an unseasonal peak in December 2009 caused by the ending of a temporarily increased nil rate band for residential transactions

  • the fall in transactions from late 2007 coincided with the financial crisis, before which transactions had increased steadily before peaking in mid 2006

6. UK non-residential transactions

Non-residential property includes, but is not limited to:

  • commercial property
  • agricultural land
  • forests
  • any other land or property which is not residential
  • 6 or more residential properties bought in a single transaction
  • mixed use transactions

The following section provides detailed analysis of UK non-residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.

6.1 Figure 6: Comparisons of non-seasonally adjusted and seasonally adjusted UK non-residential transactions in October between 2015 and 2024.

Month and year Non-seasonally adjusted Seasonally adjusted
October 2015 10,720 10,250
October 2016 9,980 10,240
October 2017 10,860 10,610
October 2018 11,290 10,560
October 2019 10,500 9,890
October 2020 9,710 9,250
October 2021 10,510 10,300
October 2022 9,820 10,030
October 2023 10,210 9,960
October 2024 [provisional estimates] 14,990 14,150

6.2 Figure 7: Financial year to date (April to October) comparison of UK non-residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.

Financial Year Non-seasonally adjusted Seasonally adjusted
2015 to 2016 69,730 69,570
2016 to 2017 73,110 73,380
2017 to 2018 73,420 74,120
2018 to 2019 73,190 73,370
2019 to 2020 70,500 70,370
2020 to 2021 52,360 52,020
2021 to 2022 72,520 72,740
2022 to 2023 72,410 72,620
2023 to 2024 68,480 68,900
2024 to 2025 [provisional estimates] 74,960 74,410

6.3 Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2024.

Figure 8 demonstrates the following trends for UK non-residential transactions:

  • impacts from the COVID-19 pandemic resulted in the second quarter of 2020 showing the lowest quarterly total for transactions since the introduction of these SDLT statistics in 2005

  • as with UK residential transactions, the 2007 financial crisis triggered a fall in UK non-residential transactions

7. Contacts

The ‘Monthly property transactions completed in the UK with value with value of £40,000 or above’ statistical release is produced by the Property Tax Statistics team as part of the ‘Property transactions in the UK collection.

Contact [email protected] for statistical enquiries.

Contact HMRC press office for media enquiries.