Stamp duty holiday UK house prices property market
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The property market has begun to level out compared with the start of the year, but remains incredibly active, according to Andy Sommerville, director at Search Acumen.

He added that demand is still strong, and that Search Acumen expects it to fuel activity in the property market well into Autumn and beyond.

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The latest UK monthly property transactions data showed that the provisional seasonally adjusted estimate of UK residential transactions in September 2021 was 160,950, 68.4% higher than September 2020 and 67.5% higher than August 2021.

Sommerville said: “These latest figures reflect the ambition of homeowners to get property transactions over the line whilst the stamp duty financial incentive still stood.”

He added that first-time buyers, families and those looking for properties outside cities have carried the weight of the market and have taken the most benefit from the stamp duty holiday.

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Somerville said: “Throughout the year, many lawyers have embraced digital ways of working in order to deliver efficiencies to the transaction processes and avoid burnout.

“Given the foreseeable levels of high demand, a long-term and sector-wide shift towards digitisation is needed if we are to accommodate speedier transactions and improve services to buyers in the long run.”

By Jake Carter

Source: Mortgage Introducer

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