31 March 2026
If you are covering the latest UK property transactions data, please find below a comment from Ian Futcher, financial planner at Quilter:
“February’s transactions data points to a housing market that is losing momentum. The seasonally adjusted number of property transactions was 102,410, down 6% compared to the same time last year, though up by 6% on January due to the usual workings of the UK property market. The weaker picture compared with last February reflects a change in sentiment as much as affordability. Last year’s figures were flattered by stamp duty‑related behaviour, whereas buyers today are contending with a far more uncertain backdrop.
“As this was the highest number recorded since March last year, there were signs that the housing market was beginning to wake from its slumber. But rising geopolitical tensions, expectations of higher interest rates for longer, and a recent repricing of mortgage deals will likely have put it back into its sleep.
“While some of that impact is yet to be felt, the fall compared to last year suggests there is enough to indicate that buyers are taking longer to commit, with some choosing to wait for clearer signals on rates. It is likely that going forward, the uncertainty around mortgage rates and the geopolitical picture will weigh more heavily on transactions as people sit tight and wait for things to calm down before committing to a property purchase or sale.
“From a policy perspective, this underlines how sensitive activity remains to borrowing conditions. Prices have been relatively stable, but transaction volumes are telling us that confidence is still fragile and closely tied to the cost and availability of mortgage deals. Those deals remain volatile too, with uncertainty about the Bank of England’s likely next steps with interest rates and whether or not it may actually have to raise rates this year.”
