The latest data from HMRC provides strong indicators that the housing market in the UK is already starting its recovery after being reopened following the lockdown.
While this data is provisional, it reveals that there was a rise of 30% in the number of residential transactions that took place in June in comparison to the previous month. Over the course of June, a total of 63,250 homes were bought and sold, which is 31.7% higher than the total for May. Furthermore, it is not just sales of homes that rose, as there was also an increase of 31.2% in the number of non-residential property transactions.
While this is a positive sign for the property sector in the UK, it must also be noted that even with the increases last month, the number of residential and non-residential transactions were still well below those of June last year.
The total number of residential transactions for June 2020 is down 35.9% on that of the figures for June 2019, with non-residential transactions 27.4% below.
Tomer Aboody, director at MT Finance, stated that the rise in transactions compared with May was down to people finally having the opportunity to buy again after months of lockdown, coupled with the impact of the stamp duty changes.
Although there is some way still to go before the housing market returns to its health of 2019, the rapid signs of recovery will encourage people to seek the CeMAP qualification needed to become mortgage advisors.
