UK residential property transactions reach highest level since 2007

UK residential property transactions reach highest level since 2007

Estimates for UK residential transactions during April reached 111,260

UK residential transactions rose by 197.8% in April compared to 2020, according to data released by HMRC.

The government added that the significant rise could be put down to the impact of the pandemic on figures in April 2020.

Having said that, estimates for UK residential transactions during April reached 111,260, the highest level for the month since 2007.

It was revealed recently that house prices across the UK also rose at the fastest rate in March since shortly before the financial crisis hit in 2007.

The latest UK residential transactions data has likely captured some positive impacts from ‘Stamp Duty holidays’ for Stamp Duty Land Tax and Land Transaction Tax.- Advertisement -

Sam Mitchell, CEO of online estate agent Strike commented:“After the mad rush in March to complete and exchange ahead of the original stamp duty holiday deadline, property transactions eased in April as buyers and sellers were offered a little bit of breathing space thanks to the extension. 

“However, with not long to go until the June deadline, the countdown is officially back on and pressure is mounting. Combined with the uplift in 95% mortgage deals on offer, alongside the continued easing of lockdown restrictions, demand within the UK property market will likely be amplified in the months ahead.

“Some might be cautious of the stamp duty deadline fast approaching, but there are no signs of this derailing the market. In fact, with a tapering off period until October, low stock levels, rock-bottom interest rates and the introduction of the Government’s high loan-to-value lending scheme, there are more than enough factors to keep things buoyant.”

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