Our Chief Commercial Officer, Paul Stockwell, comments on HMRC property transactions data for November 2020
“The UK property market has undergone an incredible turnaround this year. In the space of seven months, sales volumes have rebounded from the lowest level since records began to a five-year high in November.
“The latest data shows mortgage approvals still running at a 13-year-high so, while it’s widely accepted that the bumper house price growth we’ve seen this year must cool as we enter 2021, a decline in the number of transactions is by no means assured. Annual growth in sales volumes has actually accelerated, more than doubling in the space of a month, which is excellent news for the property market as a whole.
“It is entirely possible that volumes hold up next year, even as valuations cool after a glut of activity fuelled by the stamp duty holiday and a widespread desire to move to larger homes after repeated lockdowns.”