UK property sales still down from coronavirus

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PA Media

Summer property sales in the UK were almost a third lower than last year despite a recovery since the property market reopened.

A total of 68,670 residential properties were sold in June, according to data from HM Revenue and Customs (HMRC).

This was down 31.5% from the same month a year ago, but up 50% in May.

The demand for property has increased and, as housing is a key part of the UK economy, the government has increased incentives for buyers.

Chancellor Rishi Sunak announced temporary leave on stamp duty on the first £ 500,000 of all property sales in England and Northern Ireland in his summer statement.

But the measure took effect in July – too late to be reflected in the latest sales figures.

April-June property sales were the lowest for three months of any year since current HMRC registrations began in 2005.

Tax authorities have said this reflects the ‘impact’ of the coronavirus on the UK property market.

The area was effectively closed during the lockdown, with England being the first part of the UK to resume visits and sales in mid-May.

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People who reconsider their national configuration during the lockdown, easing restrictions and the stamp duty holiday have reportedly boosted demand from potential buyers.

The market will be watching closely to see if this spills over into actual sales, with some commentators suggesting the interest may be short-lived as people feel the financial pressures of job losses and declining income.

Paul Stockwell, Commercial Director of Gatehouse Bank, said: “While transaction numbers have not improved significantly since May, the nature of the real estate market means people haven’t had enough time to move on. through the moving process.

“It will take us a little longer to see how much new activity there has been in the market since it reopened in May. “

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