UK Property Market Rises During Pandemic | Malaysia News
October 18, 2021
London UK Property

UK Property Market rises during pandemic

London, MTN – The number of UK residential transactions in June 2021 rose to nearly 200,000, according to the latest property transactions data from HMRC.

The data suggests that the number of residential transactions was 219.1 per cent higher than in June 2020 and 74.1 per cent higher than in May 2021.

Comment on the figures focused on homebuyers rushing to beat the end of the UK government’s Stamp Duty holiday.

Iain McKenzie, CEO of The Guild of Property Professionals, said: “More than 213,000 house sales were completed in June as buyers raced to beat the impending end of the stamp duty holiday – the highest number since the introduction of the statistics in April 2005. Much of last month’s rise is due to the last-minute scramble to make the most of the stamp duty holiday, but the holiday hasn’t fully wound down yet, and we could still see a boom in areas with housing priced under £250,000.”

Others, including Richard Pike, sales and marketing director for Phoebus Software, agreed.

Pike said: “says “The figures from HMRC confirm, if confirmation was needed, that June was a bumper month for the property market. There was a veritable stampede to cross the finishing line as determined buyers got their purchases through before the end of the stamp duty holiday.”

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However, Pike added that the current boom did not come without issues. He said: “There are two problems for the market as we make our way into a post-lockdown world. Firstly, the old problem of supply. Unfortunately, this is a long-term problem, that seems to be stretching into the longer term all the time. As new-build developments, planned to alleviate the housing stock problem, are affected by materials and labour shortages we remain reliant on existing stock. Secondly, affordability. House prices are reaching the point where many will be priced out of the market with rising inflation putting more pressure on already ‘Covid’ squeezed finances. It’s great to see the market as buoyant as it is, but has the stimulus provided by the SDLT holiday pushed things too far?”

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