Several factors leading to March of this year has led the UK housing market into a level of activity not seen in months according to the latest housing data. More than 160,000 properties with value of at least £40,000 changed hands during the month. This is an increase of more than 75% compared with the same month last year.

Factors contributing to an abnormal amount of activity include a rush to meet a new tax on purchases of secondary property, higher property prices, and the uncertainty which is looming over the Brexit vote in June.

Additional data from the Council of Mortgage Lenders indicates gross lending has taken off as well. An increase of 43% was posted month on month and almost a 60% increase occurred year on year.

CML economist Mohammed Jamei commented on the latest data, saying: “Against a backdrop of a recovering market, the substantial jump in lending in March was significantly influenced by a late surge of activity to beat the government’s stamp duty change on second properties, which came into effect at the start of April.”

Jamei added: “The distortion caused by this stamp duty change appears to be larger than any previous stamp duty change we’ve seen.”

Remortgage activity continues to be strong after a lackluster start to the New Year. Although urged by many within the housing community to proceed with the process of remortgage now, many house owners are waiting to see the outcome of the Brexit vote later this year. Remortgages now are being completed entirely online and saving both time and money.