The number of transactions for residential properties in the UK reached 86,980 in March, a figure up by 20% in comparison to February.

According to new figures published by HMRC, however, the latest total was 9% down on March last year.

HMRC’s monthly estimates 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.

For non-residential property, the number of transactions in March totalled 11,270, 29% higher than February’s figure, but 15% down on March last year.

Responding to the figures, director of distribution and mortgage club at Legal and General Mortgage Services, Clare Beardmore, said the mortgage market has “moved up a gear” in 2024, after a slightly slower 2023.

“Gross lending and product transfer activity are holding strong, and it’s also been fantastic to see first-time buyers leading the charge, with lending to this group doubling year-on-year in February compared to the same month last year,” Beardmore commented.

Managing director at more2life, Ben Waugh, added: “Property transactions have been steadily climbing throughout the first quarter of the year but remain below the levels seen during the same period in 2023.

“Inflation falling to its lowest rate in two years and the expected drop in base rate later this year should help to restore consumer confidence after the extended period of economic volatility the market has endured.”

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