Despite the upcoming general election in the UK, the real estate market is showing strong signs of recovery. According to the latest figures from HM Revenue & Customs (HMRC), the number of residential transactions reached 91,290 in May 2024, a 17% increase on the same month last year and a 2% increase on April. This growing trend not only indicates a stabilization of the market, but also signals a potential for further expansion over the upcoming summer months.

Crispin Harris, Director of Jackson-Stops noted, "Five consecutive months of real estate transaction volume growth since January of this year, especially a 2% increase year-over-year, reflects the health of the market. Although house prices remain sensitive, HMRC data shows that UK house prices rose by 1.1% year-on-year in April, demonstrating a modest market response to capital gains."

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Data from the national branch of Jackson-Stops showed that new orders rose by 34% year-on-year in April and May, showing signs that economic activity is likely to continue to rise in the coming months.

In commercial real estate, non-residential transactions were 6% higher than a year ago and 1% higher than in April, suggesting that the real estate sector's confidence in the overall outlook for economic stability remains strong and unaffected by the upcoming general election.

Andrew Lloyd, Managing Director of Search Acumen, said, "The increase in commercial real estate transactions in May shows signs of a recovery in the real estate sector, which is important in restoring confidence in the overall economy. Despite a dip in commercial real estate investment in the first quarter of the year, this positive result could signal that the market is turning a corner, boding well for a potentially more active period ahead for both residential and commercial markets."