Property market rebounds with stamp duty deadline looming

The property market has shown significant signs of rebounding with the stamp duty holiday deadline looming, according to the latest research.

The report, published by estate agent comparison site GetAgent.co.uk, explored the property market conditions following the announcement of the stamp duty holiday, with the data indicating that the real impact is only now beginning to be felt.

Overall, total property transactions in the UK were 0.7 per cent lower in September 2020 than in the same month last year, but this is above expectations, and the figure in England increased by one per cent.

This is the first time this year that property transactions have increased year-on-year, which has presented a welcome boost to the market.

House prices have increased significantly with buyer activity on the rise since the stamp duty holiday was announced, with the latest data from the Land Registry indicating that in September, the average house price was 4.9 per cent higher than in 2019.

Because of the length of time taken for a property transaction to be completed, coupled with the length of time taken to compile the data, figures are only now beginning to reveal the impact of the stamp duty holiday.

The total number of property transactions completed in September was more than 80,000, with this figure representing a 1.1 per cent increase on last year, with the pent-up demand working in tangent with a backlog of transactions when the market went into lockdown and the stamp duty holiday to provide a significant boost to the property market.

Colby Short, CEO of GetAgent.co.uk, said: “The latest market data provides the best proof yet that the market has rebounded from the depths of pandemic paralysis, fuelled by a huge increase in homebuyer demand as a result of the stamp duty holiday.”

For help and advice on matters relating to residential property, contact our expert team today.