Our Chief Commercial Officer, Paul Stockwell, comments on HMRC property transactions data for June 2021
“June has broken all records for property transactions, as determined buyers raced to complete their purchases before the first stamp duty deadline.
“This record is likely to stand for a long time as it reflects a perfect storm of demand, driven by locked-down buyers seeking more space, and the introduction of significant tax savings through the government’s stamp duty holiday.
“Transactions in June even surpassed March, the original stamp duty deadline which was pushed back to June 30, suggesting that the scheme’s extension gave the property industry the breathing space it needed to process the surge of transactions.
“With the most significant stamp duty savings behind us, July’s figures are set to drop significantly compared to June, but it will mark the start of transactions beginning to stabilise.
“Mortgage approvals still surpass pre-pandemic levels, indicating that buyer demand is still strong — the only thing which may hold back transactions now is supply.”