"Full steam ahead" for property market

The latest UK monthly property transactions data from HMRC has shown there has been no slowdown in property transactions.

The provisional seasonally adjusted estimate of UK residential transactions in March 2021 is 190,980, double (102.3%) the amount of transactions in March 2020 and 32.2% higher than February 2021.

The non-seasonally adjusted estimate is 180,690, 107.9% of the amount of transactions in March 2020 and 49.6% higher than February 2021.

Meanwhile, HMRC’s estimate of UK non-residential transactions during the month is 12,530, 53.0% higher than March 2020 and 24.5% higher than February 2021.

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Jonathan Stinton, head of intermediary relationships at the Coventry Building Society, said: “These figures show that it’s still full steam ahead for brokers and the property market.

“It’s clear that the extension of the Stamp Duty holiday has added fuel to keep the train moving in March, and it’s on track for a great April too with plenty of demand across the board.

“This of course means that brokers have been, and will be, very busy supporting their clients, so it’s a good idea to look for ways to stay on top of things. Our web chat tool, for example, is a great way for brokers to get answers to policy queries fast – our team can usually respond within a minute.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “Transactions are always a surer sign of the health of the housing market than house prices and a surge in activity in March shows that people continue to hunt for more space, while taking advantage of the stamp duty holiday and cheap mortgages.

“With a growing number of lenders offering high loan to value deals at 95%, this appetite is only going to increase, pushing transaction numbers (and prices) higher still, particularly if supply continues to lag behind demand.”