House sales show signs of bounce back after interest rate hikes

House sales show signs of bounce back after interest rate hikes but sellers are still being forced to accept lower offers

• The number of homes sold in March increased by 26 per cent month on month
• There were 94,870 homes sold last month, according to HM Revenue & Customs 

House sales are showing signs of bouncing back after being hit by interest rate rises – but sellers are being forced to accept lower offers as the market has swung in favour of buyers, say experts.

The number of homes sold in March increased by 26 per cent month on month, as mortgage rates offered by lenders began to fall.

There were 94,870 homes sold last month, almost 18,000 more than in February, according to HM Revenue & Customs. 

More than one in ten went to overseas buyers, with 13,040 such transactions. Bob Singh, of broker Chess Mortgages, said: ‘It’s still a buyers’ market and sellers are agreeing sales at lower prices.’

A low number of buyers compared with the number of homes up for sale has allowed many to haggle lower prices, he added.

The number of homes sold in March increased by 26 per cent month on month, as mortgage rates offered by lenders began to fall

But although buyers are returning to the market, the number of house sales last month was still down by 19 per cent on the same month last year.

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