FIRST INCREASE IN TRANSACTIONS IN OVER A YEAR

There were 101,780 residential transactions recorded (on a seasonally adjusted basis) in February across the UK, according to the HMRC. This was the highest level since August 2017.

This figure is still provisional, but if confirmed will mean that the annual change in transaction levels has moved into positive territory for the first time in over a year.

This is perhaps surprising given the uncertainty caused by Brexit with much speculation about a possible market slowdown, although there will, of course, be regional variations and SK6 remains particularly buoyant.

Although buyers will understandably be cautious, pent-up demand is building and some, who may have been waiting for clarity are prepared to commit.

The confirmed Brexit delay until later in the year may actually provide a window of activity. Time will tell whether this translates into sales levels showing further improvement over coming months.

Jonathan Hyde

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