Search Acumen (property data insight and technology provider) comments on HMRC’s property transactions data for February 2023:
- The seasonally adjusted estimate of UK residential transactions in February 2023 shows a 4% decrease compared to January 2023 – non-seasonally adjusted this figure changes to a 2% increase compared to the previous month.
- The seasonally adjusted estimate of UK non-residential transactions in February 2023 shows a 5% increase compared to January 2023 – non-seasonally adjusted this figure changes to an 8% increase compared to the previous month.
Andy Sommerville, Director at Search Acumen, the property data and insight provider, comments:
“Today’s data shows how we are continuing to see the impact of a challenging economic environment on residential transaction volumes. Whether through buyers pulling out of deals, or current lending markets dulling consumer appetite, it’s clear the transaction highs of the past two years are long behind us.
“Macro-economic conditions are more promising however, as if the Chancellor is correct, we have not only narrowly missed a recession, but have significant growth ahead. The commercial property market is seeing green shoots of recovery after a tough time grappling lifestyle shifts effecting office and retail sectors. A Spring boom could be in store for the life sciences and tech sectors thanks to a multi-billion-pound investment announced in the Budget, alongside a push towards sustainable buildings driving occupier demand. Identified as a high-growth sector, time and monetary investment in infrastructure to support research and development in the hopes of making the UK a science superpower, will help feed this market’s growth over the next decade.
“For conveyancing firms in the commercial space, especially those dealing with a new grade of tech businesses, there will be an even higher expectation to use digital tools to maximise efficiencies. Digitalisation can ensure competitor advantage and support commercial productivity when operating in this space, simplifying and speeding up processes from hours to second. If the UK is to become the world-leader in technology that the Government is hoping for, the conveyancing sector now has the opportunity to drive the course for a digital property revolution.”