New data released by HMRC reveals that August of this year saw a rise of more than 20% in the number of residential property transactions, compared with the same month last year.
There were a total of 98,000 of these transactions throughout the month, which is an increase of 20.8% on the total for August 2020. When compared with the month before, the figure for August 2021 was 32% higher, providing further evidence of continued strong demand among buyers following the end of lockdown and the holiday on paying stamp duty.
There was also a significant rise in the number of non-residential property transactions – both annually and monthly – during August. For the former, the figure was 28.2% higher, while for the latter, it increased by 5.8%. Overall, the August figures mark a bounce back for the market, after the number of transactions fell by around 63% in July compared with June.
The National Operations Manager for Just Mortgages, John Phillips, told Mortgage Strategy that the data for August suggested that the market was getting back to a point that was closer to standard. He then went on to point out that:
“The peaks and troughs of the past few months have been more erratic than in the past, but these should begin to level out as we move away from the stamp duty holiday.”
The high number of transactions will ensure CeMAP training courses to become mortgage advisors remain a popular choice, as people look to enter a burgeoning industry.