Housing figures highlight a property market that is in rude health

Commenting on the HMRC property transaction figures released today, Jonathan Sealey, CEO at specialist lender Hope Capital, said: “On the day that we mark one year since the first lockdown was introduced in the UK, it is most welcome news this morning that not only were residential property transactions up in February by almost 50% more than 12 months ago, but it’s actually the highest February level for ten years.

“After a year of living with coronavirus restrictions and an unprecedented economic downturn, today’s figures highlight a property market that is in rude health. However, the spike in transactions in February will have been driven by house-buyers looking to beat the SDLT holiday deadline in March, so it will be interesting to see the impact of the Chancellor’s Budget announcement that will be extended into the summer.

“But with all eyes now on the Prime Minister’s road map out of the crisis, it is a real positive that one of the key drivers of the economy has started the year with such high levels of activity, which can only be good for the wider economy.

“Despite lockdown conditions, people still want to go ahead with their property purchases and increasingly are looking to alternative ways of achieving that, by working with specialist lenders who can offer a more flexible, and agile approach than high street lenders.”

HMRC property transaction figures

Published: 23 March 2021