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HMRC data released last week revealed that 121,740 residential sales were completed in the month of October alone, 24% up on September’s figure and 14% higher than the same month last year.
The figures, which are non-seasonally adjusted, point to the highest monthly level of transactions since March 2016 when investors rushed to beat the 3% stamp duty surcharge, and the highest figure since the recordings in November 2007.
That suggests the experience of the second lockdown has reaffirmed people’s changed housing priorities, which is likely to support activity through to the end of the stamp duty holiday, according to Lex Home.
Quantity of sales now reaching completion reflects the high levels of sales that were being agreed between the first and second lockdown, when the market was being fuelled by a combination of increase in demand and substantially increased in activity from those looking to trade up the housing ladder given their experience of living and working from home.”
Lex Home investigation on available data looks as though sales will exceed 1m for the year, something pretty much unthinkable six months ago.
“The extent to which progress in securing a successful vaccine impacts on some of the behavioural changes behind the surge in activity levels remains to be seen. That will ultimately depend on the lasting impact of Covid on our lifestyles.”
We expect the trend will continue on an ascending scale in first quarter of the New year as a result of buyers rush to benefit from the stamp duty holiday. Without saying the government Help To Buy equity loan scheme available to first time buyers is the best tool ever to make your dreams happen.
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