This is the highest monthly transaction figure since March 2025, and follows a decrease in January 2026.

Data also shows that transaction figures are 6% lower than in February 2025.

Transaction levels were elevated in February and March 2025 ahead of the changes to SDLT thresholds in April 2025.

Non-seasonally adjusted residential transactions increased by 7% in February 2026 relative to January 2026.

Seasonally adjusted non-residential transactions increased to 10,150 in February 2026, with figures 2% higher relative to January 2026 and 2% lower than in February 2025.

Following a decline in January, February 2026 transactions are close to the levels seen before November 2025.

Non-seasonally adjusted non-residential transactions reached 8,790 in February 2026. This is 3% higher relative to January 2026 and 2% lower than in February 2025.

Commenting on the figures, Quilter financial planner Ian Futcher says February’s transactions data points to “a housing market that is losing momentum”

“The weaker picture compared with last February reflects a change in sentiment as much as affordability. Last year’s figures were flattered by stamp duty related behaviour, whereas buyers today are contending with a far more uncertain backdrop.”

“As this was the highest number recorded since March last year, there were signs that the housing market was beginning to wake from its slumber. But rising geopolitical tensions, expectations of higher interest rates for longer, and a recent repricing of mortgage deals will likely have put it back into its sleep.”

“While some of that impact is yet to be felt, the fall compared to last year suggests there is enough to indicate that buyers are taking longer to commit, with some choosing to wait for clearer signals on rates.”

“It is likely that going forward, the uncertainty around mortgage rates and the geopolitical picture will weigh more heavily on transactions as people sit tight and wait for things to calm down before committing to a property purchase or sale.”

Meanwhile, Pepper Money director of second charge Ryan McGrath states: “February’s figures are a welcome sign that the underlying demand we saw building through the final months of 2025 hasn’t evaporated.”

“Transactions had been tracking steadily upward from September through to December before pulling back in January, suggesting that softness was seasonal, rather than structural.”

“Year-on-year, volumes sit below last February, though much of that early 2025 activity reflected buyers pushing to complete ahead of April’s stamp duty threshold changes, making it a high watermark that was always going to be hard to match.”

Also commenting, SPF Private Clients chief executive Mark Harris adds: “At the point in time where this data was recorded, lower mortgage rates was helping support activity in the housing market. We saw a strong level of enquiries as buyers got on with moves that they had put on hold due to uncertainty over the Budget.”

“Now, with the chance of further interest rate cuts on hold, and talk of rises if the war in the Middle East continues for a prolonged period of time, there is much volatility in mortgage pricing.”

“Borrowers who will need a mortgage in the next six months should consider fixing now for peace of mind and in case rates rise further in the short term at least.”