Residential property transactions jump 15% month-on-month

A total 96,250 residential property transactions were recorded across the UK during February, according to the latest figures published by HMRC.

This non-seasonally adjusted estimate represents a 15.3% month-on-month increase from January.

However, February’s total was 20.6% lower than the same month last year, when the government’s stamp duty holiday was approaching its initial March deadline.

For non-residential transactions, HMRC reported 9,860 transactions through February. This total was 17.4% on January, and also 10.2% higher the estimate for February last year.

Commenting, Coreco managing director, Andrew Montlake, said that the stamp duty holiday has “massively skewed the data”.

“It's no surprise transaction levels in February this year were noticeably lower than the same month last year,” Montlake said. “The obscene lack of stock is also limiting the number of transactions.

“Moving forward, there are countless hurdles for households to clear in 2022, primarily rising interest rates and soaring inflation, so that will also apply a degree of downward pressure on transaction levels. However, rents are soaring and the desire of people to move out of the rental market will keep transaction levels ticking over.”

Legal & General Mortgage Club head of broker and propositions, Clare Beardmore, added: “As the market settles into a new rhythm and we head towards another busy spring, the next few months could prove more complicated for borrowers. Household budgets are under significant strain, and the cost of living crisis is primed to deepen in April, with energy costs and national insurance contributions set to mount.

“Against that backdrop, the value of advice remains paramount. Advisers are well-placed to help prospective borrowers navigate a knock to their finances, and source a deal that is well aligned with their individual circumstances.”

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