Residential property transactions in the UK numbered 86,430 in February, a 6% decline from the same month last year, according to new HMRC data.

The latest provisional non-seasonally adjusted estimate did represent a 7% rise compared to January’s total, however.

HMRC’s monthly estimates for property transactions are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

Following a decline in January, HMRC stated that February’s transactions were close to the levels seen before November last year.

For non-residential property transactions, February’s tally of 8,790 marked a 3% jump compared to January but was 2% down compared to February last year.

Director of specialist lender MT Finance, Tomer Aboody, commented: “A small increase in transactions can be attributed to a couple of factors with buyers taking advantage of lower mortgage rates, as well as a delay in completions following the Christmas break.

“Historically, we can see a spike during certain periods when stamp duty was reduced or before it was increased, which is always a good indicator as to how the market reacts with some help when it comes to taxes.

“With the ongoing conflict and unstable economy, hope of lower rates and lower stamp duty are dwindling, but hopefully more stability as we progress through the year will help push rates back down.”

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