In response to data published today from HMRC which showed on a seasonally adjusted basis the number of UK residential transactions in February 2024 is 82,940, 6% lower than February 2023 and 1% higher than January 2024, Nick Leeming, Chairman of Jackson-Stops, comments:
“Whilst today’s figures show signs of stability, recent falls in inflation and the expectation that the Bank of England will cut the base rate in May is paving the way for a spring bounce. Home movers are 17% more active than this time last year according to our own national network of offices, indicating a potential uplift to come in the months ahead. The return of sub-4% mortgage rates and a notable uplift in supply is giving buyers greater choice, and affordability is also expected to further improve as the year progresses.
“It’s important to remember that these figures represent the final stage of the market and the increased buyer interest that we are seeing now serves a longer term trend of market buoyancy. Spring is in bloom, and this is a remarkably positive sign for the market ahead in a general election year that needs to show strength and resilience.
"At the outset of people’s searches in recent weeks, across the Jackson-Stops network we are seeing a positive trend of greater enquiries and new listings which, if converted, will lead to a strong pipeline of sales in the spring and summer. Whilst it is too soon to declare 2024 a better year for the market than 2023, already the signs are there."
