The UK property sector saw the busiest month in more than a decade in July, with £37 billion worth of property transactions being agreed during the month.
The figures come from research by Rightmove, and follow the suspension of the housing market during the Government’s coronavirus lockdown, with the UK going into recession during the period.
Sales increased by £12 billion year-on-year, with July 2019 seeing £25 billion in sales agreed, as the market recovered following the lockdown.
The news also follows the Chancellor’s announcement of a temporary cut to stamp duty in July, known as a stamp duty holiday, with more people being encouraged to move house through the threshold being raised from £125,000 to £500,000 until 31 March 2021.
Experts believe that the stamp duty holiday has accelerated the property market, while average property prices were down by 0.2 per cent on July’s record high of £320,265.
Overall, property transactions increased by 60 per cent in the week between 5-12 August, compared to the same week last year, with the usual summer slowdown not materialising.
Miles Shipside, Director at Rightmove, said: “We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37bn-monthly spending spree.”
“More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced.”
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