"The fact this March is lower than last year is not major cause for concern for the market in general."
The figure is also 11.8% lower compared with the same month last year.
The number of non-adjusted residential transactions was about 13.3% higher compared with February 2018, but remained 10.9% lower than in March 2017.
HMRC says the falling figures are largely due to exceptionally high transactions in March during previous years, such as the rush to complete on buy-to-let properties before tax changes came into force in April 2017.
Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, said: “The latest HMRC property transaction data shows that there were 92,270 residential property transactions valued above £40,000 in March 2018, a rise of 13.3% compared with February but 10.9% lower than March 2017.
“However, March 2017 was 26% higher than February 2017 maybe due to uncertainty following article 50 being triggered at the end of March, and then transactions dropped right down 17% to 87,960 in April. So, the fact this March is lower than last year is not major cause for concern for the market in general.
“Nevertheless, I do think transactions will pick up again in the next few months. The summer months always tend to be the strongest for the residential housing market, plus I think we will also start to see some of the transactions buoyed by the Stamp Duty cut for first time buyers (up to £300,000) that came into effect in November come through now.”
