The latest data released by HMRC shows residential property transactions in April were 13.9% lower than April 2021 and 10.5% lower than March 2022.
According to HMRC, the provisional non-seasonally adjusted estimate of UK residential property transactions in April 2022 is 97,970.
While this figure is lower than March and the same period last year, it could be argued that as the incredibly fast pace of the recent market starts to subside, we could be entering into a more stable ‘new normal’ market which remains resilient thanks to continued mover appetite as our Chief Executive Officer, Jason Tebb explains:
“With transaction levels lower in April than in March and down on the same period last year, it’s clear the frenetic pace of the housing market has subsided; yet the ‘new normal’ housing market, an elevated version of the pre-pandemic market, continues to show resilience.
Our own data indicates that high levels of buyer and seller confidence in April were consistent with previous months as the housing market continues to adjust and thrive, despite all apparent headwinds. As the number of properties newly listed for sale slowly increases, serious property seekers are getting on with the business of moving.”
