Search Acumen Comments On HMRC Property Transactions For July 2020

UK property transactions jump 14% over the last month, rising to 70,710 in July 2020, up from 61,780 in June 20201.

Andy Sommerville, Director of Search Acumen, comments:

“July’s transaction data exposes the stimulus that raising the Stamp Duty threshold has injected into the property market.

“The recovery in transaction levels may be partly driven by consumers relocating to the suburbs and countryside due to their experiences of lockdown and desire for outdoor spaces which are harder to come by in cities.

“At the same time Covid-19 has prompted retailers to abandon city and town high streets and leave commercial leases early to reduce their cost base. These spaces have been identified as sources of affordable housing to help address the UK’s housing shortage and are part of the government’s wider review of planning.

“Better data consumption and uptake of technology will be central to the shake-up of England’s antiquated planning systems. Planners will then be well equipped to work with developers to get buyers into homes. Digitisation must be embraced by everyone across the property industry to enable it to reach its full potential and contribute to the country’s economic recovery.”

1Source: based on seasonally adjusted figures https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above

This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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