By Legal Futures Associate Search Acumen
- UK residential transactions in October 2021 were 28.2% lower than October 2020 and 52.0% lower than September 2021
Andy Sommerville, Director at Search Acumen said: “The property market has operated at a frenetic pace since the SDLT holiday was introduced last year. It was inevitable that we would see a drop off in transactions immediately following the reintroduction of pre-pandemic tax levels, as buyers and sellers made a huge push to complete sales before the deadline.
“While this drop-off is notable, it shouldn’t come as a surprise given the specific market forces at play and we don’t think it is an indicator of a long-term reduction in market activity, which we expect to pick back up and remain high for the foreseeable future. The changes in how we work and live post-pandemic are going to play out over years, and these changes will inevitably mean people having to re-consider where they live and how their properties facilitate their new lifestyles and working patterns. That dynamic is going to continue to fuel long-term demand, although perhaps not quite at the levels we saw during the peak of the SDLT holiday period.
“In that context, it has never been more important that we harness the energy we have seen in the property sector for change and pick up the pace of tech adoption to improve the conveyancing process for lawyers and their clients. This is an essential part of helping the market cope with future demand, but also ensuring we have a property market in the UK which is fit for purpose, retaining the global attractiveness of UK property as an asset class for decades to come.”
