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Property transactions drop 53 per cent in April – HMRC

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  • 21/05/2020
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Property transactions drop 53 per cent in April – HMRC
Residential property transactions in April dropped 53 per cent annually as 46,440 were completed during the month, HMRC statistics show.

 

Housing transactions fell to levels seen during the 2008 financial crisis, HMRC said. However it took the impact of the coronavirus into account when collecting the data. 

This was a 46.1 per cent fall compared to March’s figure of 86,200.

 

Regional differences

England accounted for 33,220 transactions while Scotland saw 2,640. There were 1,780 residential transactions in Wales in April, and 420 in Northern Ireland.

 

Buyer determination 

James Forrester, director of estate agent Barrows and Forrester, said: “It’s a wonder that any transactions were completed at all, let alone some 46,000.  

“This small but valiant effort by the industry demonstrates a resilient UK property market, even when quarantined, and it seems that not even a global pandemic can put a lid on the distinctly British adage ‘safe as houses’.”  

Marc von Grundherr, director of lettings and estate agent, Benham and Reeves, added: “The numbers painted here are stark, yet surprisingly positive in the sense that we were expecting a cryogenic market freeze during lockdown, but some homebuyers either didn’t get the memo or stuck to their guns regardless.   

“The good news is that buyers are back in force and market activity will recover as a result, albeit at a pace that current procedures allow. 

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