House sales fell by a fifth in February compared to the year before


sales in February were about one-fifth lower than the same month in 2021, according to figures from HM Revenue and Customs (HMRC).

An estimated 112,240 transactions took place in February across the UK, which was 20.8% lower than in February 2021, HMRC said.

However, the total amount was 4.4% higher than in January 2022.

Going forward, there are countless obstacles for households to overcome in 2022

A stamp holiday in England and Northern Ireland ended completely from October last year, after being gradually phased out.

Similar holidays had also taken place in Scotland and Wales.

On Monday, real estate website Rightmove reported that the average price of a house in the UK has reached £ 350,000 for the first time.

Rightmove said that average offer prices are more than 10% higher than a year ago and that they are driven by an imbalance between buyer demand and the number of properties available for sale.

Andrew Montlake, CEO of mortgage broker Coreco, said: “In the future, there are countless obstacles for households to cope with in 2022, primarily rising interest rates and rising inflation, so it will also put some downward pressure on transaction levels.

“But rents are rising sharply and people’s desire to move out of the rental market will keep transaction levels ticking.”

Jason Tebb, CEO of property search site, said: “As the weather begins to feel more springy, more stocks are entering the market, but not fast enough to meet the accumulated demand from buyers who did not. Moved last year and remain eager to do so. “

Jeremy Leaf, a real estate agent in north London and former housing chairman of the Royal Institution of Chartered Surveyors (Rics), said: “As we experience in our offices, the momentum that began with the release of pent-up demand for lockdown restrictions began. “relaxed shows small signs of declining and may even be on the rise, thanks to the latest welcome additions to stock levels.”

Part of this shift is due to the fact that there are simply not as many homes under £ 300,000 as before, as we have seen values ​​rise during the pandemic

Lawrence Bowles, director of housing research at Savills, said: “Although we are still seeing strong momentum in the market, data on agreed sales shows that we are also starting to see stratification in sales activity between different price points.

“TwentyCi records show that sales of properties below £ 200,000 are still well below where they were pre-pandemic, whereas sales of properties worth £ 300,000 to £ 500,000 were 47% higher than their pre-pandemic levels and between £ 500,000 and £ 1 million of the market saw 73% more sales than before Covid.

“Part of this shift is due to the fact that there are simply not as many homes under £ 300,000 as before, as we have seen values ​​rise during the pandemic.”

Nick Leeming, Chairman of the Board of Jackson-Stops, said: “Although today’s figures from year to year reflect the absence of the stamp duty holiday incentive, the significant increase from January this year is an indication of a market driven by intentions, as the middle to the high end of the market. continues to push with their desire to move home. ”

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