HMRC reports small drop in number of transactions

January 30, 2023 by Heidi

Property Market

Figures that have been issued by HMRC show that the number of property transactions that took place across the UK in the final month of last year fell slightly in comparison with the same time a year before.

According to these figures, there were a total of 108,960 residential transactions over the course of the month, which was 1% down on the total for December of 2021. When compared with the month before, the total number of these transactions fell by 3%, without seasonal adjustment being factored in.

There was also a dip in the non-residential property transaction numbers compared with December 2021. They fell by 5% to 10,810. However, when looked at on a month-to-month basis, the number of them rose by 9%.

Speaking to Mortgage Strategy, the chief revenue officer for Phoebus Software, Adam Oldfield, stated that the drop in the number of residential transactions late last year was unsurprising given economic issues, but was still higher than the total prior to the Covid-19 pandemic.

He then went on to state that:

“This is an encouraging sign that, despite the knock in confidence in September, the housing market continues to move along. Although at a slower pace.”

In addition, Oldfield concluded by saying that there were definite indications that the market was regaining its confidence, as inflation and fuel costs start to level off.

This is likely to be a temporary dip and mortgage advisors with CeMAP training can take on work in other areas like remortgaging and protection while it is ongoing.