Smoove comments on the publication of the HMRC property transaction figures for July

Simon McCulloch, Chief Commercial & Growth Officer at Smoove, comments on the publication of the HMRC property transaction figures for July.

“It seems the traditional summer slowdown has not had an impact on today’s HMRC figures.

“However, a year-on-year comparison should be treated with caution as the stamp duty holiday was reduced from £500,000 to £250,000 on 1 July 2021, hence what has likely caused these figures to appear nearly 40% higher.

“However, on a monthly basis, transactions increased by 3.2%. Transaction volumes remain healthy, yet the big unknown is around how affordability constraints might impact property transaction volumes going forward.

“While supply remains constrained, it is possible that house prices will continue to defy gravity, albeit, perhaps, growing at a slower rate, despite affordability challenges.

“The next few months of housing data will bring us clearer answers.”

Kindly shared by Smoove

Main photo courtesy of Pixabay