Search Acumen comments on HMRC’s Monthly Property Transactions for May

The latest UK monthly property transactions data shows that the provisional seasonally adjusted estimate of UK residential transactions in May 2021 is 114,940, 3.9% lower than April 2021

Andy Sommerville, Director at Search Acumen, says: “The latest data from HMRC highlights the volatility of transactions ahead of the end of Stamp Duty holiday cut offs. This points to a lack of confidence from buyers that their purchases will complete in time to take advantage of the financial benefits on offer.

“Despite the monthly volatility, we can expect that demand in the property market will continue to be robust. Record low interest rates and Stamp Duty tax reliefs are two of the key reasons for the soaring demand and price growth we have witnessed in recent months.

“The pandemic has also led to a widespread desire to find new homes that offer more comfortable remote working environments. Given that flexible working is likely to continue, we can expect this trend to keep propelling demand forward for the rest of the year.

“The digitisation of the transaction process is more important than ever if the sector is to support sustained levels of demand. In particular, real estate lawyers have been under immense pressure given the high volumes of transactions. Many lawyers have embraced digital ways of working and this has delivered increased efficiencies to the transaction processes. However, we need a sector wide shift towards digitisation if we are to see a long-term transformation in not only the speed of transactions but also an improved service to buyers.”

Kindly shared by Search Acumen

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