Search Acumen comments on HMRC’s Monthly Property Transactions for June

21 July 2020

- Number of residential property transactions jumps 32% in the last month, rising to 63,250 in June, up from 48,030 in May1
- Number of non-residential property transactions rose 31% over the last month alone, increasing to 7,340 in June, up from 5,600 in May1

Andy Sommerville, Director of Search Acumen, comments: “This latest data shows an uplift in buyers and sellers’ confidence levels, sparked by the easing of restrictions as we see more individuals return to work and bars and restaurants open.

“We are yet to see the full impact of the Government’s decision to raise the stamp duty threshold to £500,000, but early indicators suggest an uptick in sales as pent up demand from months of lockdown is released.

“In the same vein, lenders are also recovering their risk appetite and removing temporary credit controls, which could further stimulate buyer activity and give first time buyers a route to entry once again.

“The UK’s property market is a cornerstone of the country’s economy and now has never been a more important time to ensure we do all we can to support it. That starts with better use of data and technology to tackle the surge in demand. Firms adopting digital innovations are best placed to lead the market into a ‘new normal’ by providing better advice and service to clients in the long-term.”

1 Source: https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above