House sales fall nearly a fifth in February

Figures reveal that house sales fell by nearly a fifth (18%) in February 2023 compared with the same month a year earlier. HM Revenue and Customs found an estimated 90,340 homes were sold in February this year, which was 4% lower than in January 2023. According to HMRC's figures, around 1,116,110 house sales have taken place so far this financial year (April 2022 to February 2023). This compares with 1,263,250 house sales taking place over the same period a year earlier. HMRC also found there were large peaks in housing transactions during March, June and September 2021, caused by increased numbers of taxpayers taking advantage of temporarily increased nil rate bands of stamp duty. HMRC's report said: “Towards the end of last year mortgage and interest rates increased and we are starting to see the impacts of those changes within these statistics. Seasonally adjusted residential property transactions appear depressed, indicating a slowing of the housing market.” 

The Guardian (21/03/2023)   The Independent (21/03/2023)