The property market remained resilient in March despite the lockdown induced property freeze at the end of the month.
There were 99,440 residential property transactions in March, a marginal 0.3 per cent rise from March 2019 and a slight 0.2 per cent decrease on February’s transactions, according to HM Revenue and Customs (HMRC) data.
On a provisionally seasonally adjusted basis, the 9,470 non-residential transactions represented a fall of 8.8 per cent from March 2019 and a 1.8 per cent dip on February’s figures.
On a non-seasonally adjusted basis, March transactions were 2.7 per cent lower than March 2019.
Whilst the strong start of the month has helped to inflate the figures, the true impact of Covid-19 will be seen in April’s transactions.
Neil Knight, business development director at Spicerhaart Part-Exchange and Assisted Move, commented:
“The March property market was a ‘game of two halves’.
“Lockdown restrictions came into force towards the end of the month, but the impact of coronavirus was already starting to filter through before that, putting a damper on the recovery that had been building over the last three months.
“The result is that residential transactions have remained broadly stable – a slight drop of 0.2% from the previous month, and still 0.3% higher than in March 2019.
“The true impact of Covid-19 will show up in April’s figures but what seems clear is that there is still strong demand out there. With the measures the government has put in place to keep the economy ticking over, much of that will still be there once the restrictions are lifted.
“In the meantime, there are still transactions happening, and the industry is quickly adapting to new ways of working, helping as many people as possible make their dream move in spite of the current nightmare circumstances.”
