By Legal Futures’ Associates SearchFlow
Dr Tom Quirke, managing director of SearchFlow, the UK’s largest provider of legal due diligence data for residential and commercial property transactions, responds to the latest statistics that have been revealed in the UK Land Registry’s House Price Index:
“Within the industry, it will come as no surprise to see that residential property transaction volumes increased by almost a quarter (24.1%) in January 2021, when compared to 2020, according to Land Registry’s data. With buyers looking to beat the deadline for the Stamp Duty Land Tax holiday, property professionals have been almost overwhelmed by demand and these latest figures back this up, with around 121,000 estimated transactions.
“Even with the huge variations that occurred in the market last year, UK house prices jumped by 7.5% to £249,309 in the year to January 2021, making it a seller’s market. Of course, with the extension of the Stamp Duty break confirmed until the end of June, the high volume of activities and buoyant sale prices seem set to continue for some time.
“For those working in the industry, the focus therefore remains on moving transactions through the pipeline as quickly and efficiently as possible, using data and technology to innovate wherever possible to streamline the process and help homebuyers capitalise on the potential financial savings.”