Our Chief Commercial Officer, Paul Stockwell, comments on HMRC property transactions data for November 2021
“Property transactions have halved in a month, coinciding with the removal of the final stamp duty discount, and this will undoubtedly mark the resumption of lower sales volumes moving forward.
“Transactions plummeted similarly after June’s stamp duty deadline, so it’s not surprising to see them fall in this way again.
“With the tax incentive now completely removed, we’ll see the back of these peaks and troughs as transactions settle into a more consistent pattern.
“This fall in sales signals that there is unlikely to be any long-term dividend for transactions as a result of the stamp duty holiday. House sales will likely return to the historic norms seen before the pandemic as the cost of moving becomes a factor again.”