Property Completions Up 85% In June as Industry Raced to Beat Stamp Duty Deadline

Blake & Thickbroom - Estate Agency in Clacton-on-Sea, Essex

Residential property completions were 85% higher in June compared to the same month in 2019, spurred on by the 30th June stamp duty holiday deadline, according to new research from Landmark Information Group.

The figure far exceeded the 66% surge that was reported in March as conveyancers worked to meet the Chancellor’s first original Stamp Duty Land Tax holiday deadline, before it was further extended to the end of June.

The analysis also shows property search orders were up 43% in April 2021 compared to the same month in 2019.

Slower Supply, Higher Demand

While listings were up by 7% in April compared to the same month in 2019, they were overall down on average by 5% at the half year point, showing a slow in supply, compared to demand remaining strong.

This lack of supply may limit the volume of sales, and has the propensity to push prices up, as buyers have fewer properties available to them.

For properties converting to Sold Subject to Contract, the data shows market activity was 22% higher in April 2021 compared to April 2019, yet June aligns more closely with 2019 and 2020 figures which was the first full month out of the first lockdown after three months of minimal activity.

A Remarkable Quarter

Simon Brown, CEO of Landmark Information Group, said: “It has been the most remarkable quarter in the residential property industry, with everyone working tirelessly to make sure as many homebuyers as possible were able to capitalise on the stamp duty holiday.

“Indeed, not only did we see completion volumes peak in June, but we recorded the highest quarterly number of mortgage valuation instructions to go through our business since we started recording the data in 2014.

We now await the next quarter to see if supply and demand balance out, or if transaction patterns will start to align more closely to the pre-pandemic figures of 2019.”

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