HMRC Reports Increase in March Property Sales Compared to Previous Month

HMRC Reports Increase in March Property Sales Compared to Previous Month

The UK housing market has seen a surge in activity in March, according to the latest figures released by HM Revenue & Customs (HMRC). The report shows that the number of property sales in March was up 8.8% compared to the previous month, with a total of 107,440 transactions taking place. This is the highest level of activity since April 2016 and marks a significant increase from February, when only 98,630 properties were sold.

The report also revealed that the average house price in March was £231,000, up 0.7% from the previous month. This is the highest level since October 2017 and suggests that the market is continuing to recover from the slump seen in the aftermath of the Brexit referendum.

The increase in property sales can be attributed to a number of factors. Firstly, the stamp duty holiday announced by the government in July last year has made it cheaper for buyers to purchase a home. This has led to an increase in demand for property, which in turn has pushed up prices. Secondly, the introduction of the Help to Buy scheme has made it easier for first-time buyers to get onto the property ladder. Finally, low interest rates have made it more affordable for people to take out mortgages, which has also contributed to the rise in property sales.

The news of an increase in property sales is welcome news for the UK economy, as it suggests that consumer confidence is improving and people are feeling more secure about their financial situation. It is also good news for the housing market, as it indicates that the market is stabilising and that prices are beginning to rise again.

Overall, these figures suggest that the UK housing market is on the road to recovery and that buyers are feeling more confident about investing in property. This is likely to be good news for both buyers and sellers, as it should lead to an increase in activity and help to drive up prices.