Our Chief Commercial Officer, Paul Stockwell, comments on HMRC property transactions data for January 2021
“This year has started on a high for property transactions driven by buyers who flocked to the market to benefit from the stamp duty ‘holiday’, though there are early signs that sales volumes may have peaked at the end of 2020.
“Even if Chancellor Rishi Sunak decides to extend the stamp duty discount or introduce a tapering period to cover those held up by backlogs in the process and are unable to complete their purchase before the deadline, the reintroduction of the charges at some point this year will affect sales volumes initially.
“However, there still remains a large pool of potential buyers who are reassessing their living conditions for life after lockdown, and looking for a larger property or more outdoor space.
“Although current concerns about infection could be holding back both buyers and sellers alike at the moment, this pent-up demand will eventually be released as the vaccine programme continues at speed, preventing transactions falling too significantly when stamp duty charges resume.”