Property transactions spike by 26% in ONE month

Many were pleasantly surprised to see HMRC announce that the number of UK residential transactions hit 94,870 in March, a whopping 26% higher than the month prior. Meanwhile,non-residential transactions have soared even further, at 59% above their February total. But why the sudden uptick? While some buyers will have been reassured by stabilising interest rates, others will have been encouraged by the broader selection of mortgage products to pick from.

We spoke to Conor Murphy, Smartr365 Founder and CEO, to find out more.

WasMarch a pleasant blip in an otherwise stable period for the property market, or should we expect a bumper year for sales?

Conor: “With the broader economic outlook steadily improving, I am optimistic about the performance of our sector over the spring and summer months. This is, afterall, usually a busier selling period due to the favourable weather conditions and longer daylight hours.

What should the industry be doing now to help support a healthy and busy year for sales?

Conor: “As activity picks up, brokers and lenders must be well prepared to support the increased demand with slick and efficient processes.Recent research has revealed that the average homebuyer spends 4.7 hours of workingtime verifying their identity in-person – that’s just one step in the home buying journey. Our industry must start to lean more confidently on technology to modernise and streamline processes. Brokers must make the most of tools like digital ID verification if the industry is to reach its full potential in terms of productivity and customer satisfaction.”

Keen to see cutting-edge tech like digital ID verification in action? Book your free Smartr365 demo today.