99,440 residential property transactions made during March

There were 99,440 residential property transactions in the UK during March, and 9,470 non-residential transactions, new data published by HMRC has revealed.

This provisional seasonally adjusted estimate for residential transactions was 0.3% higher than the figure recorded in March 2019, but 0.2% lower than February’s tally.

The equivalent estimate for non-residential transactions in March was 8.8% lower than the same month a year earlier, and 1.8% lower than February.

Wayhome chief operating officer, Nigel Purves, suggested HMRC’s latest figures began to show “what many might expect from coronavirus’ impact on the housing market”.

“Considering the Government’s lockdown only came into effect towards the end of March, and these transactions represent the whole month, this set of data will be one to watch in the coming months as we understand more about the disruption and uncertainty linked to Covid-19,” Purves added.
“In this climate, health is, of course, the top priority but people also need to feel secure in their home. Renters are more likely than ever to feel like they’re in limbo without the safety net that comes with homeownership.
“In times like these, it is especially important that individuals have the security that goes with owning a home. Therefore, it is essential that once life returns back to a form of familiarity, we see new pathways to homeownership prioritised and people given support to get onto the housing ladder.”

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