The number of homes being bought and sold has dipped slightly, but experts are saying it’s just a blip and things are still looking good for the property market.

Official figures from HMRC show that the number of house sales in June 2024 was slightly lower than in May 2024. This is the first time we’ve seen a month-on-month decrease since December 2023.

Here’s the summary:

• Seasonally adjusted figures, which iron out seasonal variations, showed that sales dipped by less than 1%, from 91,880 in May to 91,370 in June.
• Non-seasonally adjusted figures painted a slightly bleaker picture with a 2% drop in sales between May and June.

So, what’s behind this dip?

Experts reckon it’s just a temporary pause following the recent general election. Nathan Emerson, from Propertymark, thinks that things will pick up once the new government’s housing plans are clearer.

And there are other reasons to be cheerful:

• Mortgage rates are looking good: There’s talk of the Bank of England cutting interest rates, which would be good news for borrowers. And even without a cut, there are some cracking deals to be had, with some lenders now offering fixed-rate mortgages below 4%.
• Government support for buyers: The government is under pressure to do more to help first-time buyers get on the property ladder, so watch this space for news of new schemes or incentives.
• Planning reforms: The government has promised to make it easier to get planning permission, which could lead to more new homes being built. This would be good news for buyers as it would increase supply and hopefully help to keep prices in check.

Here’s what the experts are saying:

• Terry Woodley, from Shawbrook, says the market is still “stable” and that the government’s plans for housing are “reassuring” for developers.
• Kevin Roberts, from Legal & General, says buyers are “undeterred” by the election and that “product choice and buyer confidence are both high”.
• Ben Waugh, from More2life, reckons the dip in sales is just a “momentary pause” and that we could see a “flurry of activity” in the coming months.

So, what does this all mean for you?

If you’re thinking of buying or selling a home, there’s no need to panic. The market is still healthy and there are plenty of reasons to be optimistic about the future. Keep an eye out for news on interest rates, government policies, and new mortgage products. And if you’re ready to take the plunge, talk to an expert mortgage broker to see what deals are available to you.