HMRC Property Transactions: Nick Leeming, Chairman of Jackson-Stops comments, 28 April 2023

Commenting on today’s HMRC Property transactions which showed, on a seasonally adjusted basis, UK residential transactions in March 2023 were 89,560, 1% higher than February 2023 but 19% lower than March 2022, Nick Leeming, Chairman of Jackson-Stops, said: “Today’s figures show a move in the right direction, with month-on-month transaction growth starting to emerge. However, the volumes are yet to fully reflect the typically busier spring months, when many home movers complete before Easter. Transaction volumes on the surface are levelling out, as the market self-regulates after an extended period of erratic activity and unserviceable levels of buyer demand.

“The commuter market is proving to be a vital cog in the transaction wheel once again, with the home counties still struggling with supply as office workers return. Recent research by Jackson-Stops found that the perfect commute time is now on average 38 minutes, with well over a third of workers commuting to their place of work far more now, than six months previously.

“As the swinging pendulum of house prices continues to soften slightly giving broader opportunities to new buyers, the market will wait to see if the next interest rate decision will usher in further hurdles for those reliant on favourable lending rates.

“The prime country market continues to see buoyant numbers in buyers and sellers, likely to herald in a belated spring bounce in the mid-term. Over 65% of the country don’t have a mortgage, leaving a large proportion of our housing activity down to lifestyle moves from equity-rich boomers. This buyer type will play a key role in the wider market’s performance in the next six to twelve months, hoping to hold up house prices for the long term.”