June saw a 74.1% monthly increase in residential property transactions across the UK, according to new HMRC data.

HMRC’s provisional seasonally adjusted estimate of UK residential transactions for was 198,240, which was also 219.1% up on June last year.

For non-residential transactions, HMRC’s figures revealed there were 10,850 transactions in June. This was a rise of 6.8% from May, and 58.7% higher than June 2020.

HMRC stated that June’s transaction estimates had captured significant effects from “forestalling activity” following the tapered changes to the stamp duty threshold at the end of the month.

Commenting on the figures, Smartr365 CEO, Conor Murphy, said:  “The end of June brought closure to the first phase of the stamp duty holiday and one of the busiest periods ever witnessed by the property market. Today’s fantastic findings are testament to the success of the scheme in sparking further interest in an already busy market and positioning the industry as a key driver in the UK’s economic recovery.

“We have championed the stamp duty holiday as ‘the great equaliser’ since its introduction in July 2020 and will continue to do so long after its conclusion in two months’ time.

“The tax break has reduced the amount of upfront capital needed to get on the property ladder, made homeownership a more viable goal for thousands and provided a much-needed form of economic relief in a period where finances are increasingly strained.”

Masthaven director of intermediaries, Rob Barnard, added: “Property transaction figures remain robust, demonstrating the rigour of the housing market and enduring demand from buyers.

“With the stamp duty holiday now tapering off, it remains to be seen what effect this will have on housing activity and the market should be braced for some volatility in the coming months.

“The industry needs to work together to support borrowers who may be struggling financially as a result of the pandemic and are finding it difficult to secure mainstream finance.”

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