You are here: Home - Mortgages - Buy To Let - News -

Stamp duty holiday pushes transactions to four-year high

Written by: Shekina Tuahene
Residential transactions in the UK rose 8.1% year-on-year to 105,630 in October, the highest number completed this year, figures from HMRC show.

The number of transactions in October was also the highest number in a single month since March 2016, when 176,870 transactions were completed. 

On a monthly basis, this was 9.8% higher than the 96,180 transactions in September. 

Following the shutdown of the property market earlier this year, residential transactions in April and May declined by around 50% compared to last year.  

Transactions increased gradually each month since, jumping from 48,690 in May to 62,380 in June, which HMRC said reflected the easing of Covid-related restrictions and the introduction of the stamp duty holiday. 

‘Growth is breathtaking’

Joshua Elash, director of MT Finance, said: “The continued growth in volume of residential transactions is breathtaking.  

“October’s data no longer merely reflects pent-up demand but points directly to the impact of the stamp duty concession. It looks and feels as though there is a rush to take advantage of this opportunity, which is driving continued growth in transactional volumes.” 

Sam Mitchell, CEO of online estate agent Strike, added: “Although people are starting to question how the market will keep going when pent-up demand ends, we mustn’t forget that the market has shown its resilience time and time again — and things aren’t just going to grind to a halt. 

“The government has proven that it is committed to keeping the UK housing market prosperous this year and that’s likely to remain a key focus for 2021, whether that be dialling up their focus on first-time buyers or extending the stamp duty holiday. 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week