Monthly residential property sales rose by 14.5% on June, according to the latest government figures released by HMRC. 

The encouraging numbers have been attributed to growing confidence in the market. The figures do not take into account the government’s recent announcement of a temporary stamp duty holiday, which is expected to influence next month’s figure.

Paul Stockwell, chief commercial officer at Gatehouse Bank, said the if transaction figures continue to improve, the market could be restored to normal levels in the next couple of months. 

“The stamp duty discount has inevitably been a big driving force behind buyers’ return to the market. With people rushing to meet the March 31 deadline, we could expect to see transaction levels hold strong for the remainder of this year.”

Property specialist Lucy Pendleton from estate agents James Pendleton said: “To say the market is buoyant is a huge understatement. Prices are rising, the volume of offers is strong and transaction levels are continuing to climb.”

21 August 2020