By Legal Futures Associate Search Acumen
The latest UK monthly property transactions data shows the provisional seasonally adjusted estimate of UK residential transactions in August 2021 is 98,300, 20.8% higher than August 2020 and 32.0% higher than July 2021
Andy Sommerville, Director at Search Acumen, comments on today’s HMRC Property transaction data:
“Today’s statistics show a significant uptick in transactions, quashing concerns that the property recovery might be a short-term flash in the pan that relies solely on the stamp duty incentive. The red-hot market was inevitably going to slow at some point, but we are still facing very high demand compared to previous years as buyer appetite continues to outstrip supply.
“The market is moving so rapidly that the period from listing a property to placing an offer or agreeing a sale has been cut down to a month or less. This has put a huge strain on the transaction process, which we are unlikely to see reduce anytime soon. But while property sales may be quick to negotiate, the subsequent legal due diligence processes still have significant room for improvement.
“Conveyancers and property lawyers will need to embrace efficiencies wherever possible to maintain a competitive advantage. The adoption of new technology over the past 18 months has paid dividends for some and will be increasingly vital to keep pace with buyer demand. By looking out for opportunities to integrate technologies which improve its ability to serve clients effectively, the property legal sector will be better placed to provide a buyer experience that’s fit for the 21st century.”