36% annual drop in residential property transactions during June

There were 63,250 residential property transactions in the UK during June, according to new data published by HMRC.

The figure was 35.9% drop from June 2019, but also represented a 31.7% jump from the number of transactions in May.

For UK non-residential property transactions, HMRC also revealed there 7,340 during the month of June. This was a fall of 27.4% from the same month a year earlier, but 31.2% higher than the figure recorded in May.

Responding to the latest HMRC data, Phoebus Software sales and marketing director, Richard Pike, said: “Although the figures from HMRC today are provisional, and we are advised to accept them with caution, these are not the only signs that the housing market is on the move again. When you add in the Chancellor’s announcement on stamp duty you would hope that this upward trend is set to continue.

“Coming out of lockdown, even with an air of caution, has given many people the impetus to pick up where they left off. Whereas for others, especially those who have been living in flats with little or no outside space during lockdown, may be thinking that now is the time to look for a new home.

“All the signs are positive so now it’s up to the lenders to jump into action, while the demand is there.”

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