Total property transactions reach 104,070 in March – HMRC

“The interest rate decision later today should bring some much-needed clarity for both buyers and sellers navigating a stop-start market. 

“If stability continues to take hold, we could expect more consistent activity to build through the rest of the year, with professional advice playing a key role in helping borrowers secure the right deal.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: 

“The war in the Middle East is likely to lead to higher inflation and weaker growth, which is bound to have an impact housing market activity, and yet these figures show that transaction numbers are not only holding up but improving month-on-month.

“Despite the Bank of England holding base rate last month, and expected to do so again this month, mortgage lenders continue to trim their rates in light of falling Swap rates and a return to service standards being met.

“In further good news for borrowers, Barclays, HSBC and NatWest are all reducing their mortgage rates this week, with base-rate trackers falling below 4 per cent.”

Amy Reynolds, head of sales at Antony Roberts: 

“On the ground, we saw some softening in initial viewing levels in March as people took stock of the situation in the Middle East and what impact this might have on borrowing costs. 

“However, since then, things have picked up and the past week has been very busy, with a strong level of viewings and serious offers coming through.

“Transactions are being agreed at levels broadly in line with what we would expect at this time of year and while we fell behind in exchanges in the first quarter, we are now back in line on volumes and ahead of revenue, reflecting the higher-value properties which have been transacting post-Budget.” 

Ryan McGrath, director of second charge mortgages at Pepper Money: 

“The latest HMRC data released this morning shows a year-on-year decline in property transactions, though this primarily reflects the very strong levels of activity seen in March last year rather than any deterioration in current market conditions. 

“At that point, transaction volumes were artificially lifted as buyers rushed to complete ahead of changes to Stamp Duty thresholds, creating a clear distortion in the year-on-year comparison. 

“Once those effects are stripped out, the underlying trend remains broadly steady despite the broader backdrop of geopolitical uncertainty.

“From a second charge mortgage perspective, the current interest rate environment continues to play a defining role in borrower decision-making. 

“With rates still elevated by recent standards, many homeowners are prioritising continuity over change, opting to maintain existing mortgage arrangements rather than refinance into higher-cost options unless there is a clear financial advantage. 

“This cautious approach is helping to support stable demand in the second charge space, particularly where borrowers are seeking additional liquidity without disturbing competitive first charge deals.

“Against this backdrop, today’s figures coincide with the Bank of England’s interest rate decision, where rates are widely expected to remain unchanged. 

“That ongoing stability is likely to reinforce current borrowing behaviour, with both consumers and intermediaries continuing to take a measured approach in a higher-rate environment.” 

Richard Pike, chief sales and marketing officer at Phoebus Software:

“What we’re seeing with March’s completions data is a pipeline built before the Iran conflict. 

“The impact of the resulting market volatility on the UK housing market won’t be fully apparent until late Spring, early Summer, when we’ll start to see how higher mortgage rates have affected demand for properties. 

“Last week’s Rightmove HPI data shows buyer demand has fallen compared to April last year but remains resilient despite the higher borrowing costs. 

“My view is buyers will be more cautious and selective in the current climate, but demand will remain steady.

“All eyes will be on the Bank of England at noon today, but unless the MPC surprises the market, I don’t expect to see a sudden move on mortgage rates, which have already been priced on swap rates.”

Jason Tebb, president of OnTheMarket:

“The continued uptick in transaction numbers on the previous month underlines the resilience of the housing market, as buyers and sellers who need to move get on with the business of doing so.

“While borrowers would prefer last year’s rate-cutting trend to continue, a hold in interest rates at 3.75 per cent last month, and another expected this time around, suggests a steady rate environment while the Bank waits to see what impact the Middle East conflict may have on inflation.

“In the past week, some of the biggest lenders have reduced their mortgage rates, helping ease borrower affordability. 

“Increased stock, as sellers try to take advantage of the spring market, means buyers have more choice than has been the case for a while. 

“This is putting them in a stronger negotiating position and they remain price sensitive.”

Nathan Emerson, CEO at Propertymark:

“Despite starting the year with positivity and with current uncertainty globally, it sadly comes as little shock that we are seeing a slowing year-on-year in the number of completed property transactions within the marketplace. 

“Although there is positive news to be seen when comparing the figures directly against last month, it is important to acknowledge the many challenges ahead.

“With the Bank of England due to make an announcement on the base rate later today, they will no doubt be ‘target locked’ on a strategy to help keep the economy steady, as a widely held option suggests the economic impact of Middle Eastern tensions could bite for some time yet.

“As consumers prepare for the traditionally busy spring months to buy and maybe sell a property, they should keep a close eye on mortgage deals and future affordability in terms of ensuring continuity regarding household budgeting in case of future jumps in inflation.

“Propertymark’s sector data recently demonstrated a peak in the number of housing transactions taking in excess of 17 weeks to complete. 

“With current uncertainty within the economy, there is potential for this figure to trend further upwards.”

Maria Harris, chair of the Open Property Data Association:

“The fall in transaction volumes compared with this time last year points to a more fundamental problem in the housing market: people are choosing not to move. 

“Our research shows that two‑thirds of home movers found the process so frustrating that they would avoid doing it again. In a period of heightened market volatility, that reluctance only intensifies, with more households putting moving plans on hold altogether.

“The current housing system actively discourages movement. It is slow, fragmented and reliant on static documents, creating unnecessary friction, cost and uncertainty for consumers. This is not a short‑term confidence issue, it is a structural one.

“At OPDA, our vision is to modernise the property system so it is fit for purpose in a digital economy, one that puts consumers at the centre of their transaction, gives them control of their data, and enables the sector to work together more effectively. 

“Rebuilding trust in home moving is critical if we want a more dynamic, resilient housing market.”