HMRC’s provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2023 is 77,390, 7% lower than January 2022 and 27% lower than December 2022.
Its seasonally adjusted estimate is 96,650, 11% lower than January 2022 and 3% lower than December 2022.
Regarding non-residential transactions, HMRC’s provisional non-seasonally adjusted estimate is 8,500, 1% lower than January 2022 and 18% lower than December 2022, while its seasonally adjusted estimate is 9,790, 6% lower than January 2022 and 3% higher than December 2022.
Clare Beardmore, director of Legal & General Mortgage Club, said: “Although recent activity has not been at the sky-high level we have become accustomed to in the past three years, there is certainly no reason to panic. The UK housing market is famed for its resilience. The pace of lenders beginning to compete on pricing is encouraging buyers to press ahead. Product choice is also improving, with Moneyfacts reporting that available products surpassed 4,000 for the first time since August (almost double what it was at the end of October following the ‘mini Budget’ fallout).
“As ever, consulting a mortgage adviser is strongly advised – not only do they offer comprehensive, holistic advice based on your individual circumstances, but also often access to exclusive products not available on comparison websites.”
