Residential transactions see 1.4% monthly rise: HMRC

On a non-seasonally adjusted basis, the data shows that residential transactions in March were approximately 0.4% higher than in March 2018.

Jeremy Leaf, north London estate agent and former RICS residential chairman, said: "As always, transaction numbers are a better guide to property market health than prices, which can change quite sharply month by month. These figures show a more resilient picture than might have been expected. But on the ground this is what we are finding anyway, as we move into the traditionally busy spring buying season. Where buyers perceive real value and sellers show a degree of realism in the face of relatively few offers, there is a coming to terms with new market realities.

"Looking forward, we don’t anticipate much change and certainly not until the Brexit position becomes clearer. Although we do sense pent-up demand has not been released and many are itching to get into the market once a clearer picture emerges."

Mike Scott, chief property analyst at Yopa, added: "HMRC’s figures for the number of homes sold in March show that the property market remains stable. The seasonally adjusted number of sales was 1.4% higher than in February 2019, and 6.8% higher than in March 2018. However, activity last March was hit by the “Beast from the East” weather pattern, and so an increase on last year’s figure was to be expected.

"Overall, the first quarter has been remarkably consistent with the previous five years, showing that activity in the housing market has not been dented by the current political and economic uncertainty. People are clearly getting on with their lives and moving house, helped by the strong economic fundamentals of low unemployment, low interest rates and good availability of mortgages. We expect that the total number of homes bought and sold in the UK in 2019 will be the same as in each of 2014 to 2018, around 1.2 million in all."