According to HRMC the property market is recovering

Although there were not as many transactions as in the same period last year, the property market is recovering.

There were 70,710 property transactions in July, 14.5% more than in June, but still 27.4% less than in July last year, seasonally adjusted figures from the HMRC show.

The HMRC said the stamp duty holiday announced in July 2020 is unlikely to affect transactions through late August or early September.

“This is positive news for the market”

Anna Clare Harper, the author of Strategic Property Investing, said: “The upward trend in transaction data reflects positive news for all of us: the housing market is moving again after a complex start to the year. This change reflects a release from suppressed supply and demand.”

“What we are seeing in the market, which will be reflected in the August and September data, is a greater influence from recent and temporary policies.”

“The temporary change in property tax from stamp duty is helping home buyers and investors looking to buy a property worth less than £ 500,000 in particular.”

“We don’t know for sure what will happen next: economically or politically. But what we can accurately predict is that two crucial factors, economic and political confidence, will be critical to the future of the UK property market.”

“The crisis caused by COVID-19 has created new transaction models”

Jonathan Sealey, CEO of Bridge Lender Hope Capital: “While there is clearly a long way to go to get the market as a whole back to where it was, at Hope Capital we are seeing astonishing levels of inquiries, well above last year.”

“Covid-19 has created changing patterns of demand, as people adjust to a slightly different lifestyle, with less commuting and more work at home. This is also likely to translate into increased transaction volumes, and many people are considering moving away from big towns and cities.”

“As the recovery progresses, we expect to see high demand from buy-to-rent landlords taking advantage of the Stamp Duty cut to expand their portfolio and provide rental homes that meet people’s desire for a quiet place to work at home, and better access to the outdoors.”

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