The number of residential property transactions in the UK jumped by 18.2% in March compared to February’s total, new HMRC figures have revealed.

Data also showed that March’s total, at 110,990, was 36.2% lower than March last year, as the market approached the original end of the stamp duty holiday.

For non-residential transactions, HMRC also revealed that its non-seasonally adjusted estimate was 12,470 for March. This figure is 5.7% lower than March 2021, but 36.6% higher than February this year.

HMRC stated that its estimates of UK residential transactions in March 2022 are “relatively high” compared to the previous 10 years, with March transactions only being higher in 2021 and 2016.

Commenting on the data, Legal & General Mortgage Club director, Kevin Roberts, said: “Despite the pressure on borrowers caused by the rise in the cost of living, demand remains high and the overall outlook for the market is strong. This is another clear reminder of the resilience of the current housing market and its ability to weather difficult conditions.  
 
“Even as the market experiences a healthy spring, the more complicated conditions mean that the role of advice is now more important. Borrowers may well need more support and reassurance to find the right mortgage for their needs. This is an opportunity for advisers to really demonstrate the scope of their expertise and add value, during what will be a pivotal time for their clients.”

Just Mortgages national operations director, John Phillips, added: “Spring has brought a surge of transactions as the property market continues its positive momentum. The year to date has seen the most transactions since the credit crunch and the recent figures demonstrate the underlying strength of the housing sector.

“Looking ahead the cost of living crisis will certainly impact some buyers and may cause others to put plans on pause. This said, there is still an imbalance of buyers versus sellers, with more purchasers still tipping the scales and this competition for properties is driving house price growth.

“With an estimated £95bn of mortgages up for remortgage in 2022, alongside the purchases, brokers will also be busy supporting clients to remortgage.”

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