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Stamp duty holiday pushes transactions to four-year high – HMRC

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  • 24/11/2020
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Stamp duty holiday pushes transactions to four-year high – HMRC
Residential transactions in the UK rose 8.1 per cent year-on-year to 105,630 in October, the highest number completed this year, figures from HMRC show.

 

The number of transactions in October was also the highest number in a single month since March 2016, when 176,870 transactions were completed. 

On a monthly basis, this was 9.8 per cent higher than the 96,180 transactions in September. 

 

Stable recovery 

Following the shutdown of the property market earlier this year, residential transactions in April and May declined by around 50 per cent compared to last year.  

Transactions increased gradually each month since, jumping from 48,690 in May to 62,380 in June, which HMRC said reflected the easing of Covid-related restrictions and the introduction of the stamp duty holiday. 

Joshua Elash, director of MT Finance, said: “The continued growth in volume of residential transactions is breathtaking.  

“October’s data no longer merely reflects pent-up demand but points directly to the impact of the stamp duty concession. It looks and feels as though there is a rush to take advantage of this opportunity, which is driving continued growth in transactional volumes.” 

Sam Mitchell, CEO of online estate agent Strike, added: “Although people are starting to question how the market will keep going when pent-up demand ends, we mustn’t forget that the market has shown its resilience time and time again — and things aren’t just going to grind to a halt. 

“The government has proven that it is committed to keeping the UK housing market prosperous this year and that’s likely to remain a key focus for 2021, whether that be dialling up their focus on first-time buyers or extending the stamp duty holiday. 

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