The seasonally adjusted estimate of the number of residential property transactions in the UK increased by 41.5% between February 2016 and March 2016, official figures show.
The seasonally adjusted estimate of the number of residential property transactions in the UK increased by 41.5% between February 2016 and March 2016, official figures show.
The Office for National Statistics’ provisional seasonally adjusted UK property transaction count for March 2016 was 165,480 residential and 9,830 non-residential transactions.
That month’s seasonally adjusted figure for residential transactions is 69.7% higher compared with the same month last year.
The ONS said the large increase in transactions for March 2016 is likely to be associated with the introduction of the higher rates on additional properties in April 2016.
Andrew Bridges, managing director of London estate agents Stirling Ackroyd, said: “Movement is back on track in the property market – and it’s encouraging to see more selling and buying. But the flurry of the last month could only be a short-term feature – April showers lie ahead.”
Andy Sommerville, director of Search Acumen, added: “March saw a huge increase in the number of residential property transactions, as large numbers of prospective property investors looked to beat the implementation of the stamp duty changes.
“The number of transactions increased by a massive 40% on February and were 60% higher than at the same time last year.
“Faced with an extra 3% stamp duty, it’s little surprise that investors were thinking with their wallets, but the scale of the surge in transactions shows just how big a motivation this was to buyers with multiple properties.
“Transaction rates in March were much higher than anything seen since before the recession, and it is encouraging that there are signs of health in the market after some leaner years.”
