Weekly Economic and Construction Update – 28 April 2023

Weekly Economic and Construction Update – 28 April 2023

Date Published

28 April 2023

Document Type

Category

Author

TDUK

Access to this resource is restricted to members. If you would like to find out more about joining Timber Development UK, contact our membership team, or ring 0203 205 0067.

Summary

There were 89,560 residential property transactions in the UK in March 2023, which is 1.3% higher than in February but 18.9% lower than a year earlier according to HMRC. It was also 7.1% lower than in January 2020, pre-pandemic.

Key Information

HMRC’s provisional estimate of the number of UK residential property transactions in March 2023 was 7.4% lower than the average between 2005 and 2018, prior to the distortions in the housing market and economy since 2019. Year-to-date (January-March), transactions in 2023 were 17.3% lower than in 2022 and 6.8% lower than in 2019 although, as stated previously, the most recent HMRC estimate for property transactions are provisional may be revised whilst the full impact of the fall in mortgage approvals post-Mini Budget has not fed through to transactions as yet.