House sales fell back by 8% month-on-month in November – HMRC figures
House sales fell back by 8% month-on-month in November – HMRC figures
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House sales slipped back in November, compared with October, but were higher than the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 92,640 property sales were recorded in November 2024, which was 8% lower than the previous month but 13% higher than in November 2023.
The Bank of England recently reported that the number of mortgage approvals made to home buyers dipped in November. Some 65,700 mortgage approvals for house purchases were recorded in November, which was around 2,400 lower than October but above the previous 12-month average of 60,400.
Halifax also recently reported that house prices dipped by 0.2% month-on-month on average in December, following five months in a row of rises. Tom Bill, head of UK residential research at Knight Frank, said: “This is the third crack that has appeared in the UK housing market since borrowing costs jumped after the Budget.
“We saw a drop in mortgage approvals in November and the latest Halifax house price data showed a monthly drop in December. As higher borrowing costs start to bite harder we would expect more downwards pressure on house prices and transaction activity in 2025.”.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Swap rates (which lenders use to price loans) have been mostly trending upwards since mid-December as the outlook suggests fewer rate cuts this year than previously thought.
