The number of residential transactions in the UK during December 2022 was 1% lower than a year previous, totalling 108,960, says HMRC.

Compared to the month before, November 2022, this non-seasonally adjusted number ran 3% lower.

Meanwhile, non-residential transactions, also counted on a non-seasonally adjusted basis, came in 5% lower on the year in December, at 10,810. However, this was 9% higher compared to November 2022.

Phoebus Software chief revenue officer Adam Oldfield says: “Although no-one will be surprised by the dip in residential transactions in December, that dip is really quite small and the current number is still above pre-pandemic levels.  This is an encouraging sign that, despite the knock in confidence in September, the housing market continues to move along.  Although at a slower pace.”

He continues: “As predictions abound for 2023, and with conflicting reports regarding the number of buyers registering interest this month, it is perhaps inevitable that some of those predictions err on the negative side.

“Nonetheless, there are signs that confidence is returning and, while fuel prices continue to fall and inflation steadies, might we see a traditional post-Christmas pick up in transactions in the first quarter?”

And Highcastle Estates director Zaid Patel says: “Though this data shows what many expected, namely that transactions in December were lower than November, January has been an interesting month so far.

“The first week was fairly quiet then all of a sudden plenty of offers came in and those offers were being accepted. They were all accepted around 5% to 10% below the asking price. Sellers seem to have accepted that they no longer hold all the cards and this could help stimulate the property market.”