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Property Market Update - June busiest month ever for sales

Figures from HMRC, due later this week, expected to show June was the busiest month ever for sales

After months of frenzied buyer activity in the property market, which has driven average asking prices to a new record high, it is expected that official figures from HMRC, which are due later this week, will show that June was the busiest month on record for sales, with buyers rushing to complete before the stamp duty rules changed.

Property portal, Rightmove, had already confirmed that the first six months of 2021 had been the busiest it had recorded since 2000, which has pushed up the average price of homes to around £330,000. This has been boosted by the Stamp Duty Holiday alongside ‘The Lockdown Effect’ which has made buyers change their priorities when searching for a new home.

However, even though sales were massively up, the number of sellers has reduced. Thus fueling the frenzied activity of buyers and the rise in the average house price.

Rightmove said, “This stark shortfall, along with frenzied buyer activity, is fueling record high prices and leading to record lows in available stock for sale,”

“With high activity levels continuing despite the June stamp duty deadline now passing, there is an urgent need for these low stocks of property for sale to be rebuilt in order for price stability to return.”

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