Buyers rush to complete their transactions as the end of the Stamp Duty Holiday nears.
Completed transaction volume increased 66% in UK and Wales.
The volume of property completions in England and Wales increased 66% in March 2021 compared to the same period in 2019, according to data from the latest edition of the Landmark Information Group Property Trends Report.
“All eyes are on the Stamp Duty Holiday.”
Landmark Information Group CEO Simon Brown said: “With the volume of property completions far exceeding those recorded in 2019, our latest Property Trends Report shows that the property market in England and Wales started the year in a very healthy state optimistic, with all eyes focused on the original Stamp Duty holiday deadline.”
“In contrast, while property listings were initially subdued during the first two months of the year, an acceleration of sellers listing their properties that emerged in March will help balance the overall supply and demand problem, as sales rise stocks available. With government support for the market through the extended pause of the Stamp Duty until the end of June along with the mortgage guarantee scheme, we will be closely monitoring the portfolio in the coming months to see if the market now finds a more stabilized pattern.”
A moderate start to 2021 saw new property listings drop 18% in January and 15% in February compared to 2019 data. However, in March 2021, new listings increased as much as 14% more than the 2019 baseline, with sellers buoyed by the lock-out plan, further extension of the stamp duty holiday, and the introduction of the new government-backed home equity scheme.
For properties to be converted to sold subject to contract, the data shows that market activity in January and February 2021 was comparable to that of 2020 and 2019, which, given the blocking conditions, demonstrates the continued strength of the market. . In March 2021, monthly volumes increased, beating 2019 data by 18%, likely driven by government stimulus activities.
In terms of legal processing of residential transactions, property search order volumes reported a significant increase compared to 2019 data, with data showing that order volumes reached up to 40% more than in previous years.
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