UK Property Transactions up 8%!
According to data published by HMRC last week, UK monthly property transactions are up by 8.1% year-on-year in October, as well as being 9% higher than September’s figures. There were 105,630 transactions in October 2020, which is over 8% higher than October 2019 and is diminishing fears that the housing boom was slowing.
Residential property transactions have increased each month since the first government lockdown in April and May, showing buyer confidence is returning. HMRC believe the rise was impacted by purchases going through that may have stalled since March as well as the Stamp Duty Holiday meaning purchasers can save tens of thousands of pounds on their purchase.
Industry experts have echoed HMRC’s comment’s and added the demand for homes has remained high since the reopening of the Housing Market. Whilst the Stamp Duty holiday has contributed to the boom, buyers need to be quick if they wish to take advantage as it is due to end on 31st March 2021.