Property Watch – July 2023 UK residential property transactions
The graph below shows the UK housing market transactions for the year to 31 July 2023 with comparatives for the same period to July 2022, as reported by HMRC through Stamp Duty Land Tax (SDLT) and Scottish/Welsh equivalent reporting.
Monthly residential property transactions from August 2021 to July 2023
The graph above shows:
- The July 2023 residential property transactions amounted to 86,190 transactions which were 21.7 % down from July 2022 and 8.9% down from June 2023.
- Not shown in the above graph, but the July 2023 transactions were lower than the July 2019 (pre-COVID) transactions by 18,590 transactions (17.7% lower).
- The Bank of England base rate was 5% throughout July 2023 (1.25% throughout July 2022).
The transactions split by location in July 2023 were as follows:
Key points to note:
- The September 2021 transaction spike was a result of the end of the £250k SDLT holiday enacted in response to the COVID-19 pandemic.
- The June 2023 transactions in the above graph are 50 lower than those reported in our June 2023 issue of this circular (which can be viewed here: Property Watch June) this is a result of more data being collected throughout the last month to support the transaction data reported.
UK residential property transaction prices to June 2023
The latest residential price data, as provided by HM Land Registry to June 2023 (so a month out of sync with the transaction data above) shows that prices were 1.7 % up at an average price of £287,546 compared to June 2022’s average of £282,777.
Residential property prices are 22.5% up from June 2020 (the peak of COVID) where the average was £234,703 per the Land Registry data.
Property prices slightly increased (0.7% increase) compared to the previous month May 2023’s average price of £285,546.
The graphs below show the change in average residential property transaction values over the past four years and the monthly change in the year to June 2023.
Please note that the above data and trends may not be consistent with published data from other data collectors such as property sites (Rightmove etc.) or the banks and the data is liable to change as the Land registry receives additional market information.
Ballards LLP’s property team has extensive experience acting for property-related businesses and can assist investors, developers, and associated trades with all financial property matters including; tax-efficient structuring, SDLT planning, Annual Tax on Enveloped Dwellings planning and reporting, and any other financial matters associated with property ownership. We act for all sizes of business.
If you would like to find out how we can help please contact Martin Adams, Tax Partner, at firstname.lastname@example.org or on 01905 794 504.
To view past editions of this circular and other topical tax and business insights please visit ballardsllp.com/insights
Chi Duong, a Tax Associate at Ballards LLP, assisted in the preparation of this article.
Contains HM Revenue & Customs © Crown copyright data.
Contains HM Land Registry data © Crown copyright and database right 2020. This data is licensed under the Open Government Licence v3.0.
Disclaimer. This article has been prepared for information purposes only. Formal professional advice is strongly recommended before making decisions on the topics discussed in this release. No responsibility for any loss to any person acting, or not acting, as a result of this release can be accepted by us, or any person affiliated with us.