Residential property transactions in March slightly increased by 0.3% compared with the same period last year.
According to HM Revenue & Customs’ (HMRC) latest UK Property Transaction Statistics report were presented as a provisional due to an element of estimation caused by the coronavirus pandemic.
The report stated the provisional seasonally adjusted estimate of UK property transactions in March this year was 99,440 residential and 9,470 non-residential, which decreased by 8.8% compared with 2019, and 1.8% lower compared with February this year.
The report also said the provisional non-seasonally adjusted estimate of UK residential transactions in March 2020 decreased by 2.7%, compared with last year.
According to HMRC, both residential and non-residential transactions have “remained stable” over the last decade. However, following a general upward trend from 2013 to 2016, non-residential transactions have plateaued in more recent years.
Nigel Purves, chief operating officer of Wayhome, said: “These figures begin to show what many might expect from coronavirus’ impact on the housing market.
“Considering the government’s lockdown only came into effect towards the end of March, and these transactions represent the whole month, this set of data will be one to watch in the coming months as we understand more about the disruption and uncertainty linked to Covid-19.”
He added: “In this climate, health is, of course, the top priority but people also need to feel secure in their home. Renters are more likely than ever to feel like they’re in limbo without the safety net that comes with homeownership.
“In times like these, it is especially important that individuals have the security that goes with owning a home.Therefore, it is essential that once life returns back to a form of familiarity, we see new pathways to homeownership prioritised and people given support to get onto the housing ladder.”