Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC Property Transactions data

Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC Property Transactions data:

“Today’s data from the HMRC is particularly interesting as the figures include the early impact from the stamp duty holiday which came into effect in July. With housing transactions taking weeks to progress from offer to completion, only transactions towards the end of August are likely to have been spurred on by this incentive. Despite this short window of time, the savings buyers can make coupled with the pent up demand from the housing market’s closure, has resulted in a notable uptick in activity with over 81,000 residential transactions recorded in August.
“The housing market has been on a clear upward trajectory since it re-opened in May, with residential transactions up 15.6% in comparison to the month prior. Our own data is in line with today’s figures and shows a steady rise in market activity, with accepted offers and new listings up month on month across the Jackson-Stops network.
“Despite this, the lingering impact of the housing market lockdown is also clear from today’s data. Residential transactions in August were still lagging behind 2019 figures, but we expect this to correct itself in the coming months with a flurry of transactions likely to be recorded in September.   
“Looking ahead to the rest of the year, we can expect to see a bounce in the Autumn as pent-up demand continues to build. With people spending far longer in their homes than usual, many homeowners are likely to get itchy feet where their current property is no longer suitable for their needs or lifestyle. Must-movers will continue to drive activity in the property market, with those planning on growing their families, for example pushing transactions through quickly. Towards the end of the year, buyers will be looking to move particularly quickly to ensure they secure their dream property ahead of the stamp duty holiday coming to an end in March 2021.”