Real estate transactions still increasing year-on-year
Residential real estate transactions in July decreased by 62.8% from the previous month and increased by 4.2% from July last year.
This is according to figures revealed today by HMRC.
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The decline follows a sharp increase in June, when transaction value more than doubled from a year earlier.
The real estate market may not have reached the heights of recent months, but transaction values continue to increase year-on-year.
Sam Mitchell, CEO of online estate agency Strike, said: “Now that the stamp duty holiday is coming to an end, people may be wondering how the property market will fare, but… “Demand is still much higher than before the pandemic.” A continuation of homeowners seeking more space and choosing rural locations over urban commuter belts, driven in part by smaller properties falling below the £250,000 stamp duty holiday limit There is also a tendency. Especially now, many companies are making it clear that hybrid working is here to stay. ”
“And let’s not forget that other incentives are still in play to make it easier for people to access the market, such as increased availability of 95% mortgages and endlessly low interest rates. And “Once the stamp duty holiday reduction period ends in September, the government may introduce something else under wraps,” Mitchell added.
