Residential property transactions are beginning to increase from the lows seen in April, according to the latest figures from HMRC. The data shows that there were 48,450 residential transactions in May, down 49.6% compared to May 2019 but 16% higher than in April.
On the whole, there are gradual signs that the property market is moving, with the latest industry figures revealing an average house price increase of 1.9%. So the rise in property transactions is reassuring, particularly given the figures are taken from May and the market wasn’t officially re-opened until mid-way through the month. It will be interesting to see if this trend continues throughout June or whether these figures are down to a release of pent up demand from the lockdown period. Whether the increase continues in the long term is dependent on an array of factors, particularly the "new normal" of homeworking post-Covid and how this influences homebuying decisions.