Search Acumen comments on the latest HMRC property transaction data for March
Andy Sommerville, director of Search Acumen, comments on HMRC’s number of property transactions for March:
“March saw a huge increase in the number of residential property transactions, as large numbers of prospective property investors looked to beat the implementation of the stamp duty changes.
“The number of transactions increased by a massive 40% on February and were 60% higher than at the same time last year.
“Faced with an extra 3% stamp duty, it’s little surprise that investors were thinking with their wallets, but the scale of the surge in transactions shows just how big a motivation this was to buyers with multiple properties.
“Transaction rates in March were much higher than anything seen since before the recession, and it is encouraging that there are signs of health in the market after some leaner years.
“However the rush is now over and we can expect activity levels to taper off somewhat in April. With the Brexit vote looming and ongoing problems in the international economy, the market is facing a degree of uncertainty, but with demand for homes far outweighing the available supply, any dip in prices and activity is unlikely to last for long.”
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