Residential property transactions hit 94,870 in March when measured on a non-seasonally adjusted basis, according to HMRC.

This is 26% more than in February, but 14% lower than seen a year ago, in March 2022.

On a seasonally adjusted basis, HMRC counts 89,560 residential transactions – 1% more than the month previous and 19% lower than March 2022’s number.

Regarding non-residential transactions, 13,040 took place when looked at non-seasonally – 59% more than in February and 6% more on the year.

And when adjusted for the season, 10,640 transactions took place, which was a 12% gain on February and 3% more than recorded a year previous.

Shawbrook managing director of real estate Emma Cox says: “Sales volumes are yet to catch up with what’s looking like a return in demand to the property market. While buyers and sellers have tentatively been dipping their toes back in, March’s property transactions were subdued.

“It’s not as gloomy as it appears, though. Given how long it can take to complete a purchase, it’s likely a lag from Christmas when the market is typically quiet anyway, compounded by soaring inflation and mortgage rates at that time.

“We’ve seen increased demand from professional property investors, who are making the most of opportunities in the market, and I’m confident that as spring turns into summer, we’ll see a positive trend emerge.”

And MT Finance director Tomer Aboody comments: “Although a slight recovery in transaction numbers in March is a welcome boost for the market, if you put the numbers into context over the past decade they are still lower than in any other year suggesting that the market is still in recovery mode after successive interest rate rises and higher cost of living.

“With talks of the likelihood of inflation reducing, along with rates towards the end of the year, it could then be time for some government intervention with regards to stamp duty can once again, in order to inject some life into the market.”