In the non-seasonally adjusted figures, transactions in February 2024 were 73,360, a 3% decline from February 2023 but a 9% increase from January of this year.
Meanwhile non-residential transactions in February 2024 were at 10,050 for seasonally adjusted estimates, a 4% increase from last year and a 6% rise from January, while non-seasonally adjusted non-residential transactions sat at 9,060 an 8% increase from February 2023 and an 8% increase from January.
Industry professionals had their say on the latest HMRC property transaction data:
Anna Clare Harper, CEO at GreenResi:
“Transactions are a helpful indicator of the health of the housing market. In February, there were 6% fewer transactions than this time last year on a seasonally-adjusted basis.
“This is a problem politically as housing transactions both affect and are affected by confidence, and low confidence is not good for voter sentiment — for this reason, many expect schemes to boost the housing market pre-election — this might come in the form of schemes for first-time buyers.
“Regardless of the form, if you are looking to get a good deal buying a house, the time is now - not in six months’ time when competition will be greater.”
Iain McKenzie, CEO at the Guild of Property Professionals:
“This month-on-month rise in home sales is another piece of good news that points to the green shoots of recovery blossoming through the year.
“Increased mortgage approvals and an expectation of lower interest rates to come all add to the sense that there’s a spring in the step of the property market.
“However, affordability still remains an obstacle for millions, and we need to see more being done to address this for those eyeing up buying their own home.”
Tomer Aboody, director at MT Finance:
“Property transactions are increasing month-on-month, showing a steady increase in buyer confidence, as interest rates and inflation are being kept under control.
"With potential rates cuts on the horizon, further transactional volumes are expected as sellers take advantage of an increase in market confidence."
Leave a comment