Signs of a return to relatively high levels of activity

Nick Leeming, Chairman of Jackson-Stops, comments on today’s HMRC property transaction statistics:

"Today's transaction statistics, which show a big increase from July’s numbers, evidence that deeper changes in lifestyle preferences are set to support consistently high levels of market activity long term, and that buyers aren’t being deterred even by an increase in their tax bill. Whilst we may not see quite the same level of intensity that we saw in the spring, which was the product of an unprecedented set of market forces, we are already starting to see signs of a return to relatively high levels of activity coming into the autumn, with adjusted UK residential transactions close to pre-pandemic levels.

“Across the country, many people will be looking to the future and considering carefully how changes to their working patterns and lifestyles will affect what they need from their home. While the phasing out of the SDLT holiday has reduced the need to act at breakneck speed, the fact that transactions are on the rise so quickly in a typically slower month for the market, shows that people across the country aren’t wasting time in adapting to major changes in the relationship between life and work. This will continue to fuel demand.
“This is something our branches are all too familiar with, and we're seeing on average 25 buyers for each property on our books. The complex and ongoing changes in lifestyle and working patterns mean that demand for properties is particularly acute in highly desirable suburban, countryside and coastal locations. For sellers in these areas, there is a good opportunity now to capitalise on this demand and achieve an excellent price to facilitate their next move."