Large increase in residential transactions, according to HMRC.
This increase in residential transactions would be related to the end of the SDH.
According to the latest real estate transaction data from HMRC, the number of residential transactions in the UK in June 2021 rose to almost 200,000.
The data suggests that the number of residential transactions was 219.1% higher than in June 2020 and 74.1% higher than in May 2021.
Based on figures focused on home buyers rushing past the end of the UK government stamp duty holiday.
Iain McKenzie, CEO of The Guild of Property Professionals, said: “More than 213,000 home sales were completed in June as buyers scrambled past the imminent end of the stamp duty holiday, the highest number since the introduction from the statistics in April 2005. Much of the increase last month is due to the last-minute struggle to make the most of the stamp duty holiday, but the holiday is not fully over yet, and we could still see a boom in areas with homes priced under £ 250,000.”
“June was an excellent month for the UK property market.”
Others, including Richard Pike, Phoebus Software’s director of sales and marketing, agreed.
Pike said: “HMRC figures confirm if confirmation was needed, that June was an excellent month for the housing market. There was a real stampede to cross the finish line, as determined shoppers managed to make their purchases before the end of the stamp duty holiday.”
However, Pike added that the current boom was not without problems. He said: “There are two problems for the market as we make our way into a post-closing world. First, the old supply problem. Unfortunately, this is a long-term problem, which seems to spread long-term all the time. As new-build developments, planned to alleviate the housing stock problem, are affected by a shortage of materials and labor, we remain dependent on existing stocks. Second, affordability. House prices are reaching the point where many will be shut out of the market, with rising inflation putting more pressure on finances already squeezed by ‘Covid.’ It’s great to see that the market is as dynamic as it is but has the stimulus provided by the SDLT holidays pushed things too far?”
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