February saw a total of 147,050 residential transactions according to HMRC, which is a 23% increase from January’s total and a whopping 48.5% more than February 2020.
The cause of this surge seems to be as a result of the vaccine roll out, as well as the stamp duty holiday.
As transaction numbers increase month-on-month, we’re able to see just how strong the market is, having shown tremendous resilience so far during the pandemic.
As buyers and sellers were previously rushing to meet the original stamp duty deadline, which should have seen savings end on March 31st, it’s anticipated that even more sales will be agreed and records beaten over the next few months.
Whilst the stamp duty holiday as we know it will be in place until the end of June, offering up to £15,000 worth of savings, there will be homebuyers who benefit long after this date with a phased out easing that sees smaller savings until September.
Due to Brexit and then COVID-19, there have been delays and hesitations in the sector, with a number of us wanting to see a return of ‘normality’ before proceeding with any plans.
If you’re looking to start the buying or selling process in 2021, get in touch with our team today.