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House Sales in March

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The Sell My House Quickly found another interesting article about Oxford. House sales in March down by more than a third compared with a year earlier.

House Sales in March

House sales were down by more than a third in March compared with a year earlier. It was according to HM Revenue and Customs (HMRC) figures.

An estimated 114,650 property transactions took place last month, which was 35.7% lower than March 2021 and a 2.6% increase compared with February 2022.

HMRC said year-on-year comparisons should be treated with caution.

A year earlier, home-buyers had been rushing to beat the stamp duty holiday deadline.

The stamp duty holiday was originally due to end in March last year.

However, it was extended in the March 3 2021 Budget.

There would however have been many house sales which were already lined up to complete in March last year. It is before the announcement of the extension was made. This meant sales which may otherwise have taken place later on were bunched up.

Despite last month’s total being lower than March 2021, it is still one of the strongest sales months seen in March in recent years.

In March 2020 92,060 house sales took place and in March 2019 – before the coronavirus pandemic – the total was 98,500.

Andrew Montlake, managing director of mortgage broker Coreco, said:

“The stamp duty holiday has distorted the data so it was inevitable that transaction levels in March were down fairly significantly on the same month last year.

“To make matters worse, there is an extraordinary lack of stock.”

We found this new article about House sales in March down by more than a third compared with a year earlier on Oxford Mail. Kindly click the link to read the full story.

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