UK

Home sales rose in February for the second month

Homeloans funds

Property sales rose by 1% in February compared with January, and HMRC said it was the second successive month-on-month rise

House sales rose in February for the second consecutive month but were still lower than a year earlier, show HMRC figures.

Across the UK, an estimated 82,940 home sales took place in February, which was a 6% decline compared with the same month in 2023.

Property sales rose by 1% in February compared with January, and HMRC said it was the second successive month-on-month rise.

So far in the financial year to date (April 2023 to February 2024), nearly 915,450 home sales have taken place, down from 1,118,360 during the same months in 2022/23.

Nathan Emerson, CEO of property professionals’ body  Propertymark, commented: Spring and summer are conventionally the strongest times for people to sell their homes, so we are likely to see a further uptake, making it easier to complete a transaction over the coming months.

Matt Thompson, head of sales at estate agent Chestertons, said: London’s property market remained busy throughout February.

Nick Leeming, chairman of estate agent Jackson-Stops, said: Whilst today’s figures show signs of stability, recent drops in inflation and the expectation that the BoE will cut the base rate in May is paving the way for a spring bounce.

Yasin Patel, co-founder of property investors Autarky Sukuk, noted: Another MoM increase in property sales indicates that the worst may be behind us.

Stuart Cheetham, Chief Executive Officer of mortgage lender MPowered Mortgages, said: Two factors are driving the recovery – a widespread sense among buyers that last year’s decline in property prices is over and the improving affordability of mortgages.

Earlier this week, Yorkshire Building Society launched a £5,000 deposit mortgage for FTBs, potentially enabling them to borrow up to 99% of the property value.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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