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UK house sales in March down by more than a third as prices soar

Life & StyleUK house sales in March down by more than a third as prices soar

An estimated 114,650 home transactions took place last month.That was 35.7 percent lower than March 2021 but 2.6 percent up on February 2022. HMRC said year-onyear comparisons, however, should be treated with caution. A year earlier, homebuyers were rushing to beat the stamp duty holiday deadline.

Andrew Montlake, MD of mortgage broker Coreco, said: “The stamp duty holiday has distorted the data so it was inevitable that transaction levels in March were down fairly significantly on the same month last year.

“To make matters worse, there is an extraordinary lack of stock.”

Karen Noye, a mortgage expert at wealth managers Quilter, said: “With wages failing to keep up, the increased costs of moving home will likely put off prospective buyers.”

Mark Harris, of broker SPF Private Clients, said: “Some heat has come out of the purchase market compared with this time last year, which is no surprise.”

Estate agent Jeremy Leaf said: “Demand still comfortably exceeds supply and correctlypriced houses continue to attract considerable interest while mortgage repayments remain relatively affordable.”

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