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The UK housing market has been subject to instability and lack of clarity for Landlords and tenants over the past few years, but are we heading towards a more stable future?
This month, recent data from HMRC showed that property sales fell by 19% in March, a somewhat expected trend which we also saw hitting the market in March 2022. Additionally, HMRC stated that the total transactions this year have been “significantly lower” than the previous year, but noted that this activity was boosted by a boost in demand and the stamp duty holiday.
Despite the annual fall, it looks like there are some silver linings. This year we have seen a month-on-month uptick of 1%, breaking the trend of declines seen in previous months, such as the 4% monthly decline in February and a 3% dip between December and January.
The head of lender relationships at Legal and General Mortgage Club, Danny Belton, stated it was “positive to see an uptick in transactions from February to March kickstarting a strong spring selling season”.
It isn’t possible to accurately predict the state of the housing market going forward, and there are still many obstacles for landlords to overcome; however it seems like there might be some positive outlook. According to a recent report by Zoopla, the UK property market is currently experiencing its strongest sales market in a decade.