Nearly 100k houses sold in February in the UK

Around 96,250 houses changed hands in February across the UK, 15.3% higher than in January, according to HM Revenue and Customs (HMRC) data. However the figure was 20.6% lower than the same month in 2021.

According to HMRC, residential transactions in the United Kingdom have gradually increased following substantial coronavirus related decreases during the spring of 2020, including large peaks in March, June, and September 2021.

However, the market also witnessed a sharp drop in activity compared with the same month of 2021, with property sales falling by 20.6% year-on-year. Temporary increases to nil rate bands for residential property taxes and the coronavirus (COVID-19) pandemic have all produced significant uncertainties underlying seasonal trends since around April 2020, HMRC said.

The price of property coming to market has hit a new record high for the second consecutive month, with the national average now being £354,564.

Despite the year-on-year drop, the number of sales completed in February was higher than those for the same month of 2019 and 2020, when market conditions were more normal. This has been due to the increase in buyers, combined with a greater number of houses on sale in February.

The rebound in property sales is good news for anyone wanting to sell a home, as it indicates that demand not only remains strong, but that potential buyers are able to convert their interest into a purchase.

Meantime, according to Rightmove, the price of property coming to market has hit a new record high for the second consecutive month, with the national average now being £354,564. This month’s 1.7% (+£5,760) increase is the largest at this time of year since March 2004, the property portal said in its press advisory. In addition, the annual rate of 10.4% is the highest that the property portal has recorded in any month since June 2014.

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