By Legal Futures Associate Search Acumen
The latest UK monthly property transactions data shows that the provisional seasonally adjusted estimate of UK residential transactions in July 2021 is 73,740, up 4.2% from July 2020 but down 62.8% from June 2021
Andy Sommerville, Director at Search Acumen, comments on today’s HMRC Property transaction data:
“After the mad rush to beat the Stamp Duty Land Tax holiday deadline at the end of June, there was always going to be a drop off in activity over the summer months and we’ve seen that play out in today’s figures with transactions down by almost two thirds in the space of one month. However, while this may provide a welcome opportunity for the conveyancing sector to draw breath, we expect this to be relatively short-lived.
“The phasing out of tax incentives might bring transaction numbers down from their record highs for a short period, but the market will continue to be fuelled by buyers who need to adapt to lasting societal changes in the post-pandemic world. It is therefore likely transaction numbers will rise again in the autumn when people are back from holiday and have had a few months to assess what their working and living arrangements might look like long term.
“Facing the prospect of high levels of market activity later this year and into next, it has never been more important that the property sector continue to push the pace of change and technological innovation. The adaptability of firms throughout the pandemic has enabled the market to keep going despite some of the most challenging conditions we’ve ever seen. Of course, many will be enjoying a well-earned rest over the summer, but it is vital that business leaders harness the positive momentum we have seen over the last 12 months and continue to look at how new processes and technologies, like AI, and increased digitisation of data can drive future efficiencies.”