Residential transactions see January surge: HMRC

The figures show that non-seasonally adjusted residential transactions were approximately 12.7% higher than in January 2019.

Mike Scott, chief property analyst at Yopa, commented: "New figures from HMRC for the number of home sales completed in January 2020 reflect other recent figures in showing an upturn in housing market activity.

"We expect that this increased demand for housing will lead to house price increases in the first half of this year, as it doesn’t seem to be matched by any significant increase in supply. We urgently need more properties for sale, so vendors who do come to market this spring have every chance of selling their home quickly, for a good price."

Jan Biggins, national sales manager at Spicerhaart Part-Exchange and Assisted Move, commented: “Today’s figures show the strong activity in December continuing into January, with residential transactions up more than 5% on the previous year.

“Last month’s statistics were the first sign that the market had turned a corner and that confidence is beginning to return after a long period of political uncertainty. The January figures are welcome confirmation that this was more than just a one-off and the post-election bounce could turn out to be real.

“There remains a great deal to do to turn the bounce into a sustained upturn in the market but we are continuing to see very strong demand for part-exchange and assisted move services, with people who may have been putting off moving now increasingly impatient to get on with their lives.”