New instructions up but values and transactions remain subdued.While new instructions were up in February, sales values and activity slipped back. Fall-throughs and withdrawals remain low, but the number of price reductions is growing. In a longer-term context, activity is in-line or slightly ahead of pre-pandemic levels. Transaction volumes in February were 2.7% lower than a year earlier, 0.3% below the 2017-2019 February average. Under offer numbers had been looking more positive but in February they fell by 7.6% on an annual basis, indicating sales activity may remain low in the short term. Values, based on average achieved £ per sq ft figures, fell by 7.8% on an annual basis, leaving them 1.1% below where they were 10 years ago.
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