Residential transactions down 63% in July as stamp duty holiday comes to an end

Property transactions are still up year-on-year

Residential property transactions during July were 62.8% lower than the month before, and 4.2% higher than July last year.

That is according to figures revealed today by HMRC.

The fall follows a surge in June, which saw transactions more than double on a year-by-year basis.

While the property market may not be reaching the heights of the past few months, transactions remain up year-on-year.

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Sam Mitchell, CEO of online estate agent Strike, said: “People may be questioning how the property market will cope now that the stamp duty holiday is winding down, but demand is still far greater than prior to the pandemic. Smaller properties below the £250,000 stamp duty holiday limit are partly driving this, and there’s also the ongoing trend of homeowners looking for more space and opting for regional locations over city commuter belts. Especially now that many companies are making it clear that hybrid working is here to stay.”

“And let’s not forget that other incentives are still at play to make it easier for people to access the market, like the increased availability of 95% mortgages and the seemingly never-ending low interest rates. And who knows, the government may have something else hidden up their sleeve to introduce once the stamp duty holiday tapering off period ends in September,” Mitchell added.

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