The number of residential property transactions jumped by 17% annually in April, according to new estimates published by HMRC.

April’s total, at 79,590 transactions, was down by 9% compared to March, however.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations respectively.

The figures also revealed that in terms of non-residential property, there were 10,360 transactions during April. This was 13% up on the same month last year, but down 7% month-on-month when compared to March.

Managing director at more2life, Ben Waugh, commented that with inflation levelling out and hovering at 2.3%, mortgage rates have “settled into a more regular groove as a result”.

“This more stable market climate is encouraging borrowers to seize their opportunity to get a foothold on the housing ladder – for aspiring first-time buyers and homeowners weighing up their remortgage options, there is reason for optimism,” Waugh added.

“The mortgage market may have turned a corner into calmer waters, but we must be mindful of the horizon. As Sir Steve Webb’s research demonstrated, there has been a significant uptick in the number of 35-year mortgage terms, and so many of today’s first-time buyers may be shouldering repayments into their retirement.”

Commercial director at Fignum, Josh Skelding, added: “With an election now on the horizon, it would be fantastic to see policies from our next Government that kick the mortgage market up a gear.

“Affordability, both of deposits and monthly mortgage payments, remain a sizeable barrier for those hoping to take their first steps on the property ladder. Although schemes like Deposit Unlock have been introduced, none rival the success of the Help to Buy scheme. Likewise, Stamp Duty remains a pertinent issue, with many arguing that it puts pressure on housing stock by disincentivizing movers and downsizers.

“Therefore, while both lenders and homebuyers are responding to the stability returning to the mortgage market, more must be done to reinvigorate transaction figures - particularly amongst first-time buyers.”

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