The latest data from HMRC on monthly property transactions shows that the April figures were double those of April 2020, when the UK entered the first lockdown. Todays Conveyancer reports on the recent information from HM Land registry and HMRC, which reflect a buoyant housing market.
The Office for National Statistics has also released figures which show continued price rises, which have been supported by increased demand, and the stamp duty holiday. According to the report, the average house price increased by an eyebrow raising £24,000 in the year from March 2020 to March 2021.
Overall, the UK property transaction data shows the biggest growth since the financial crisis of 2007, despite a dip between March 2021 and April. Market commentator Richard Pike said: “Despite the rise in property prices reported by the Office for National Statistics (ONS) this week, the appetite in the housing market continues unabated.”
He continues: “With just over a month to go until the end of the stamp duty holiday the push to beat another deadline is definitely under way. However, as the deadline approaches and conveyancers are put under pressure, to finalise transactions, the numbers for May and June are likely to mirror those in March.”
Pike also pointed out that the pandemic has freed up many people from a daily commute into the office, and they plan to continue working from home some or all of the time, even after all restrictions are lifted. This has led to an increased demand for homes in the countryside and suburbs, and those with good outside space.
In an address to the Law Society, the Bank of England’s deputy governor Jon Cunliffe said that he was optimistic the current housing market boom would continue, even after the stamp duty holiday ends in September.
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