The non-seasonally adjusted estimate of UK residential transactions in April 2022 was 10.5% lower than the previous month, according to HMRC’s latest house price index data.

On an annual basis, the provisional non-seasonally adjusted estimate of UK residential transactions was down 13.9% compared to last year. However, HMRC highlights that year-on-year comparisons should be treated with caution as significant volatility including forestalling was observed in 2021.

Meanwhile, the provisional estimate of 10,050 for non-seasonally adjusted UK non-residential transactions in April 2022 is similar to levels reported before the coronavirus pandemic.

On a monthly basis, the provisional non-seasonally adjusted estimate of UK non-residential transactions in April was 16.7% lower than in March this year.

Following year-on-year decreases in April and May 2020 of around 45%, which were caused by economic impacts relating to the coronavirus pandemic, non-residential transactions followed a general increase until March 2021 before plateauing at an average of around 10,300 transactions per month.

Elsewhere, data showed that the provisional seasonally adjusted estimate of UK residential transactions in April 2022 is 106,780, representing a decrease of 12.1% compared to the year prior. It was also down on the month previous by 3.9%.

The provisional estimate of 10,120 for seasonally adjusted estimate of UK non-residential transactions in April was down 3.4% on March this year and 4.6% lower than April 2021’s figure.

Commenting on the latest figures, MPowered Mortgages distribution director Emma Hollingworth says: “While we haven’t yet seen the high level of activity seen throughout the market in 2021, it is pleasing to see that transactions figures remain robust. Despite a further rise in interest rates, and the cost of living continuing to increase, there is still strong demand in the market. This is further proof of the resilience of our housing market and its ability to perform strongly through difficult economic times.”

“However, with rates increasing at a rapid pace and with some economists predicting six more rate hikes in 2022 to a new high of 2.25% by year-end, time is of the essence for those looking to buy a home – and securing a mortgage before rates move again is paramount,” Hollingworth explains. 

Chestertons chief executive Guy Gittins comments: “The sheer volume of agreed sales in April has created a challenging workload for solicitors and banks which has impacted on the time it takes to finalise a sale. Although we are nowhere near the delays the market has witnessed during the pandemic, buyers still need to be prepared for their deal to take slightly longer than anticipated.”

In spite of the ongoing cost-of-living crisis, Smartr365 chief executive Conor Murphy says: “A healthy optimism in the property sector continues to drive sound transaction volumes. While the data indicates that transactions have fallen marginally since March, when we take the broader view, it’s clear that the residential property market continues to make significant gains.”

“With that said, however, the industry must recognise there are worthwhile steps it can take to smooth the homebuying process, especially given that available housing stock continues to fall.”

“Challenging positive demand from prospective homebuyers as efficiently and as quickly as possible will not only lead to consistent transaction volumes, but will also make for satisfied clients. Advisors should look at where mortgage tech can be used to support on some of the more time-consuming day-to-day tasks, leaving them with greater capacity to offer valuable expert advice,” Murphy adds.