The UK’s property market kick-started 2021 with a spring in its step, with transactions hitting the highest monthly level since records began in 2005.
According to data released by HM Revenue and Customs (HMRC), 180,690 properties were sold across the UK in March – more than double the amount sold in March 2020.
What’s more, the number of properties sold increased by 50% between February and March, notably due to the original Stamp Duty holiday deadline (31st March 2021).
The government extended the deadline during the Budget on 4 March to 30th June 2021 on residential properties under £500,000 and 30th September 2021 on residential property under £250,000.
The government also announced new, low-deposit mortgages during the Budget which are now available to buyers. This initiative is set to boost demand for properties across the country as buyers and investors take advantage of the measures in place to make properties more affordable.
The resilience of UK property throughout the pandemic
The UK has proven its resilience throughout the Covid-19 pandemic, with property prices reaching their highest annual growth rate in six years.
Despite three national lockdowns, and the complete closure of the property market back in the first lockdown, portal Rightmove has revealed that the average asking price increased by 2.1% in April and has now reached an all-time high of £327,797. This marks an average £6,733 month-on-month increase.
The surge in activity has been driven by a shortage of properties available on the market, the attractive measures the government has put in place for first-time buyers and buyers on a lower budget, and investors who are taking advantage of the significant Stamp Duty savings available.
To find out more about how you can benefit from the Stamp Duty holiday and how to maximise your return on investment, contact the property experts at Town Square Invest for more information.