Nick Leeming, Chairman of Jackson-Stops, comments on the most recent HMRC property transaction statistics: “An almost 63% drop in transactions month on month demonstrates just how motivated buyers were to beat the SDLT deadline at the end of June.

"With tax breaks tapering off, our ability to meet and travel restored and international travel back on the agenda for many, the summer provides a natural opportunity for many homeowners to draw breath after a torrid year, enjoy reconnecting with friends and family and take the time to consider their longer-term priorities in a changing post-pandemic world. These factors were always going to impact transaction numbers after an unprecedented 12 months, especially as the market is low on stock after a relentless period of activity. 

“However, while I wouldn’t expect to see such an intense pace set once the summer holiday period ends, I do expect we will see relatively high levels of activity into the autumn and for some time to come. Across the country, many people will be looking to the future and considering carefully how factors like long term hybrid or remote working might change what they need from their home. While the phasing out of the SDLT holiday will reduce the need to act at breakneck speed, the fact that people across the country are going to have to adapt to major changes in the relationship between life and work will continue to fuel demand and should gradually replenish the nation’s depleted housing stock. 

“Despite this marked cooling in transaction activity, we are still seeing large numbers of potential buyers contacting us each week, especially for properties in highly desirable suburban, countryside and coastal locations. For sellers in these areas, there is a good opportunity now to capitalise on the fact that the market offers relatively unincumbered access to a deep pool of proceedable buyers with limited competition from other homeowners.”