Property Watch – June 2023 UK residential property transactions
The graph below shows the UK housing market transactions for the year to 30 June 2023 with comparatives for the same period to June 2022, as reported by HMRC through Stamp Duty Land Tax (SDLT) and Scottish/Welsh equivalent reporting.
Monthly residential property transactions from July 2021 to June 2023
The graph above shows:
- The June 2023 residential property transactions amounted to 94,690, 8.8 % down from June 2022 and 28.3% up from May 2023.
- Not shown in the above graph, but the June 2023 transactions were lower than the June 2019 (pre-COVID) transactions by 5,650 transactions (5.6% lower).
- The Bank of England base rate increased to 5% (from 4.5%) in June 2023 (1% rising to 1.25 % in June 2022).
The transactions split by location in June 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 May 2023 transactions in the above graph are 540 lower than those reported in our May 2023 issue of this circular (which can be viewed here: Property Watch May) 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 May 2023
The latest residential price data, as provided by HM Land Registry to May 2023 (so a month out of sync with the transaction data above) shows that prices were 1.9 % up at an average price of £285,861 compared to May 2022’s average of £280,433.
Residential property prices are 23.5% up from May 2020 (the peak of COVID) where the average was £231,508 per the Land Registry data.
Property prices remained steady compared to the previous month April 2023 with only a negligible increase in average values.
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 May 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 businesses.
To view past editions of this circular and other topical tax and business insights please visit Ballards 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.
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