Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC Property Transactions data, 21st October 2020

“Today’s data from the HMRC paints a positive picture of how the stamp duty holiday announced in July has helped the property market sustain strong levels of activity in what could have been a rather uncertain time for the industry. The perfect blend of pent-up demand, the need for change and significant stamp duty savings has resulted in a strong uptick in activity with over 98,000 residential transactions recorded in September.
“The property market has been on a clear upward trajectory since the housing market lockdown ended in May, with residential transactions up 21.3% in comparison to the month prior and lagging only 0.7% behind that recorded this time last year. This annual decrease is only to be expected but we do anticipate October’s figures to show the gap continuing to close as agents’ pipelines continue to convert in the lead up to the New Year. On the ground, our offices echo today’s positive figures, with accepted offers, sales and new listings all up month on month across the Jackson-Stops Group.
“Although transactions are seen as providing a better barometer for the health of property market, it’s positive to see house prices registering a significant uptick across the piece, according to the ONS today. The East Midlands, North West and London are all performing particularly well, highlighting the current demand for property in these regions. With the anticipation of a potential second national lockdown, and the countdown to Christmas now on, buyers are moving quickly when the right property at the right price comes along, and so we should continue to see this strong market activity continue throughout the coming months.”