Jackson-Stops comments on the latest HMRC Property Transactions Statistics

Nick Leeming, Chairman of Jackson-Stops, comments on the latest HMRC Property Transactions Statistics, published November 2020.

“It’s hugely encouraging to see residential transactions reach a seven-month high – an increase of 8% on the same month last year. Transactions were bolstered  soon after the stamp duty holiday was announced in the Summer, but now they are soaring.

“Not only is this good news for buyers and sellers, but the knock-on impact on businesses within the home-moving process, that vitally needed income during this time, is very significant, too.

“The policy holiday, along with a renewed desire to move due to lifestyle changes post-lockdown, has seen hundreds of buyers and sellers rush to the market, keen to beat the March deadline. But we know this can only last so long. The Government’s SDLT holiday has been critical in keeping the economy moving throughout some of the toughest conditions this country has ever experienced, making it possible for people to move who otherwise wouldn’t be able to afford to at this time.

“Punitive policies introduced now or in the New Year will only reverse the momentum the market has mounted over the past couple of months. With the stamp duty holiday coming to an end, and an additional 2% surcharge for non-UK buyers expected to be introduced in April, measures must be put in place to prevent transactions falling off a cliff edge.”

HMRC: UK monthly property transactions, October 2020

Kindly shared by Jackson-Stops

Main article photo courtesy of Pixabay