Residential property transactions in July 2021 were 4.2% higher, at 73,740, than in July 2020, according to HM Revenue & Customs (HMRC).
However, HMRC found that this figure was 62.8% lower than in June 2021.
The provisional seasonally adjusted estimate of UK non-residential transactions in July 2021 was 9,760, 21% higher than July 2020 and 5.9% lower than June 2021.
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Looking to the provisional non-seasonally adjusted estimate of UK residential transactions in July 2021, this figure was noted at 82,110, 1.8% higher than July 2020 and 61.5% lower than June 2021.
The HMRC provisional non-seasonally adjusted estimate of UK non-residential transactions in July 2021 was 9,730, 15.2% higher than July 2020 and 12.2% lower than June 2021.
Mark Harris said: “The stamp duty holiday focused the minds of many buyers who were already keen to move and improve their living conditions by acquiring more space both inside and out.
“Cheap mortgages have also played a significant part in the uptick in transactions and will continue to do so going forwards, even as the stamp duty holiday tapers off.
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“Mortgage pricing continues to trend downwards, with a growing number of sub-1% products.
“But it is not just the deposit-rich who are benefiting from cheaper rates – those borrowing at higher loan-to-values are also seeing rates fall, with even 95% LTV deals now to be had at sub-3%.’
Jeremy Leaf, north London estate agent and a former RICS residential agent, added: “These figures for the period just after the withdrawal of the full stamp duty holiday are perhaps better-than-expected although reflect what we have been seeing – that buyers were still keen to proceed with their purchases, even though they were saving less than they would have done before the end of June.
“The figures clearly illustrate how many people brought forward buying decisions to take advantage of the stamp duty holiday.
“The market is definitely calmer now but many are taking advantage of staycations to keep in touch with market activity, with listings slowly beginning to rise again as prospective sellers return from holiday.”
Clare Beardmore said: “It’s hard to predict with complete certainty what will happen to the housing market after the government’s stamp duty holiday finishes this month.
“Most expect the numbers of people looking to buy and sell a home will reduce, but that house prices will continue to grow steadily due to an overall lack of housing supply and continued interest from property investors and other groups, such as first-time buyers.
“What has become clear is that record demand for homes has significantly increased property values in many areas of the country, making it harder to step onto the ladder, or buy the same size home as this time last year for an equal amount of money.
“That being said, one of the best ways to manage the cost of buying or owning a home is by getting a great mortgage deal.
“Mortgage repayments are normally the biggest regular expense a person will have, so locking in a better rate could effectively mean giving yourself a pay rise, if it results in hundreds of pounds saved each month.
“Speaking with an independent adviser is a great place to start when on the hunt for a mortgage, as it will often mean accessing a much larger range of options and potentially finding a deal which is better suited to your individual financial needs.”
By Jake Carter
Source: Mortgage Introducer
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