Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on HMRC property transactions data for July 2021
“It is no surprise that July saw a significant slump in transactions compared to June’s spectacular highs. A record number of buyers had been eager to complete their sale before the stamp duty deadline.
“Transactions may creep up again in August and we can expect another flurry of activity in September as buyers try to complete sales before the final stamp duty savings are removed. This wave is unlikely to match June’s in scale but the effect of the cliff-edge will still be in attendance.
“While transaction levels are now set to stabilise, the Bank of England’s figures show that mortgage approvals still surpass pre-pandemic levels, indicating that buyer demand remains strong. Low supply is likely to be the only thing which could hold transaction levels back.”