1.5 million homes expected to be sold in 2021 – highest number since 2007
Residential property transactions in the UK fell by nearly 63% in July on a monthly basis, according to figures from H M Revenue and Customs (HMRC). The provisional seasonally adjusted figure stands at 73,740 transactions, which is 4.2% higher than that recorded in July 2020.
Between May and June this year, HMRC noted a 219.1% jump in residential transactions.
Zah Azeem, Partner at Wimbledon-based chartered surveyors Scrivener Tibbatts comments, “It was hardly surprising sales would be lower in July than in previous years since we saw a rush of valuations and conveyancing deals concluded ahead of the end of the Stamp Duty holiday on 30 June.
Quoted here John Philips, National Operations Director, Just Mortgages agrees: “We are still on track for the most transactions in a calendar year for over a decade, and while some of the urgency to move may have faded, the desire is still there.
“Prices are still high, however, as there are roughly 15 buyers for every property on the market, and even if that reduces, properties with gardens are still going to attract bidding wars.” Mike Scott, Chief Analyst at Yopa speaking to Mortgage Finance Gazette said, “There will be close to 1.5 million completed home sales in 2021, which will be a nearly 50% increase on the pandemic-affected 2020 number, and the highest figure since 2007.”
If you would like to discuss something related to a property valuation please contact Zah direct via email at email@example.com or call 020 8947 7040.