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First up-tick in transactions in over a year

The first up-tick in transactions in over a year

  • There were 101,780 residential transactions recorded (on a seasonally adjusted basis) in February across the UK, according to the HMRC. This was the highest level since August 2017.
  • This figure is still provisional, but if confirmed will mean that the annual change in transaction levels has moved into positive territory for the first time in over a year.
  • This is perhaps surprising given the uncertainty caused by Brexit with much speculation about a market slowdown, although there will, of course, be regional variations.
  • Although buyers will understandably be cautious, pent-up demand is building and some, who may have been waiting for clarity are prepared to commit.
  • The confirmed Brexit delay until later in the year may actually provide a window of activity. Time will tell whether this translates into sales levels showing further improvement over coming months.