When seasonally adjusted, transactions were 35.7% lower than March 2021 and 2.6% higher than February.
Tomer Aboody, director of property lender MT Finance, comments: "With higher transactional volumes in March compared with February, could this be the turning point with spring and summer upon us when the market finally gets some stability and pricing normalises?
"Putting the numbers in perspective, volumes are much lower than March 2021, which is the reason why there has been such a significant increase in property values. The difference last year was that the stamp duty break encouraged many would-be sellers to get on and sell, suggesting that a revamp of stamp duty is needed to stimulate activity in the market.
"Non-residential transactions are still trailing behind their residential counterparts, due mainly to tax changes introduced by the government to steady the ship with regard to investors, which in turn has pushed up rents.
"With the retail sector impacted by the rise in online sales, changes to, and reform of, business rates are needed to encourage retailers to return to our high streets.'
Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "Demand for mortgages is strong as rates remain competitive, even as Swap rates continue to rise.
"Some heat has come out of the purchase market compared with this time last year which is no surprise and is welcome as that frenetic pace could not continue. Remortgaging activity is strong as borrowers attempt to lock into low mortgage rates before they disappear.
"There are concerns that rising living costs will impact lenders’ affordability calculations when it comes to getting a mortgage, making it more important than ever to seek advice."
John Phillips, national operations director, Just Mortgages, said: “Spring has brought a surge of transactions as the property market continues its positive momentum.
“The year to date has seen the most transactions since the credit crunch and the recent figures demonstrate the underlying strength of the housing sector. Looking ahead the cost of living crisis will certainly impact some buyers and may cause others to put plans on pause.
“This said, there is still an imbalance of buyers versus sellers, with more purchasers still tipping the scales and this competition for properties is driving house price growth.
“With an estimated £95 billion of mortgages up for remortgage in 2022, alongside the purchases, brokers will also be busy supporting clients to remortgage.”
Kevin Roberts, Director, Legal & General Mortgage Club, comments: “Despite the pressure on borrowers caused by the rise in the cost of living, demand remains high and the overall outlook for the market is strong. This is another clear reminder of the resilience of the current housing market and its ability to weather difficult conditions.
“Even as the market experiences a healthy spring, the more complicated conditions mean that the role of advice is now more important. Borrowers may well need more support and reassurance to find the right mortgage for their needs. This is an opportunity for advisers to really demonstrate the scope of their expertise and add value, during what will be a pivotal time for their clients.”
