Property sales rise as agents prepare for spring market

Estate agents are hopeful for a busy spring market after official data showed a small rise in property sales in recent months.

HMRC property transaction data for February shows 82,940 recorded sales on a seasonally-adjusted basis - 6% lower than February 2023 and 1% higher than January 2024.

On a non-seasonally adjusted estimate, HMRC said there were 73,360 sales for February, 3% lower on an annual basis but 9% higher than the start of the year.

It is the second consecutive monthly rise.

Commenting on the figures, Nick Leeming, chairman of Jackson-Stops, comments: “Whilst the figures show signs of stability, recent falls in inflation and the expectation that the Bank of England will cut the base rate in May is paving the way for a spring bounce. 

“Home movers are 17% more active than this time last year according to our own national network of offices, indicating a potential uplift to come in the months ahead. The return of sub-4% mortgage rates and a notable uplift in supply is giving buyers greater choice, and affordability is also expected to further improve as the year progresses.”

Leeming said these figures represent the final stage of the market, adding: “The increased buyer interest that we are seeing now serves a longer term trend of market buoyancy. Spring is in bloom, and this is a remarkably positive sign for the market ahead in a general election year that needs to show strength and resilience.

"At the outset of people’s searches in recent weeks, across the Jackson-Stops network we are seeing a positive trend of greater enquiries and new listings which, if converted, will lead to a strong pipeline of sales in the spring and summer. Whilst it is too soon to declare 2024 a better year for the market than 2023, already the signs are there."

Nathan Emerson, chief executive of Propertymark, said: “Spring and summer are traditionally the strongest times for people to sell their homes, so we are likely to see a further uptake, making it easier to complete a transaction over the coming months .  

“Propertymark’s own Housing Insight Report more recently showed a 129% increase in the number of market appraisals undertaken, showing the growing desire from buyers and sellers to get moving once again.”  

https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary