Almost 100,000 homes changed hands in February as the property market showed signs of an early spring bounce.
A total of 96,250 properties were sold during the month, 15.3% more than in January. But there was a sharp drop in activity compared with the same month of 2021, with property sales falling by 20.6% year on year.
The housing market was particularly busy in the first three months of 2021, as buyers rushed to complete purchases ahead of the planned end of the stamp duty holiday on 31st March, although the deadline was later extended until 30th June.
Despite the year-on-year drop, the number of sales completed in February was higher than those for the same month of 2019 and 2020, when market conditions were more normal.
This is happening because the housing market typically slows down in December and January as people put moving plans on hold during Christmas, before rebounding during the spring.
The pandemic induced search for space is also still leading to elevated buyer levels, with the latest House Price Index recording a 70% increase in people looking to move home, compared with the five year average.
Zoopla
