Property transactions set to rise
The number of properties being sold is set to increase between now and March 2021.
The stamp duty holiday, introduced by the government earlier this year, has meant that numbers of property transactions have been continually rising since its introduction. This holiday can provide prospective buyers with significant savings.
The stamp duty holiday has meant that property transactions have risen to pre Covid levels in September. But there is room for even more growth.
Property transactions for last month are only 0.7% lower than the same month in 2019. The UK Property Transactions statistics have estimated that there were over 98,000 residential property sales completed last month. The transactions for September have risen by 21.3% when comparing to the month prior of August 2020.
The estimate of non-residential sales completed in September 2020 is 9160. This is a 6.5% decrease when compared to September 2019. But it has risen month on month. September’s 2020 figures show a 18.7% increase from August 2019.
Sam Hunter, chief operating officer of Homesearch argues that a 21% increase in completions month on month there will be evidence of pressure on lenders, surveyors and conveyancers.
Also, sales agreed after July are ‘unlikely’ to have completed by September so it is likely that there will be monthly increases in completions every month until March.
Activity in the property sector is much higher than anyone could have predicted in spite of the circumstances. Both pent up demand and government schemes have emcouraged this.