The seasonally adjusted estimate of residential property transactions in August 2020 is 81,280, 16.3% lower than August 2019 but 15.6% higher than in July, according to the latest statistics from HMRC.
The provisional non-seasonally adjusted estimate of UK residential transactions in August is 84,910, 23.9% lower than August 2019 and 6.1% higher than July 2020.
Jamie Johnson, CEO of FJP Investment said, โThis is welcoming news for the government. So far, the stamp duty holiday has proven a success in releasing pent-up demand. Buyers are flocking to the market, and this is driving house prices higher.
โThe findings come at an interesting time. Confidence may be running high, but with the recent spike in Covid cases, the question now is whether the re-introduction of lockdown measures will dampen buyer appetite. While there is clear demand for property, a sudden change in circumstances could once again result in buyers temporarily retreating from the market.
โA recent survey by FJP Investment revealed that 42% of investors want the government to offer additional support to homebuyers and property investors beyond the stamp duty holiday. Now could be the right time to consider new policies if the government wants to maintain steady transaction numbers over the coming months.โ
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