Property transactions completed in January were the highest in a decade, according to latest data from HMRC.
The latest UK monthly property transactions data shows that the provisional seasonally adjusted estimate of UK residential transactions in January is 121,640, 24.1% higher than the same month a year ago and 2.4% lower than December 2020.
The provisional non-seasonally adjusted estimate of UK residential transactions in January 2021 is 98,830, 17.9% higher than January 2020 and 25.2% lower than December.
Jonathan Sealey, CEO of Hope Capital, said: “For the first time since April when the bounce back in the property market began, we can see the level of residential transactions starting to decline in January, at 2.4% below December.
“With the clock ticking on the stamp duty holiday deadline, we are now seeing the impact of buyers deciding there simply isn’t enough time to make the purchase before March 31.
“The Chancellor Rishi Sunak will be on his feet next week to deliver a crucial Covid budget and many people in the property sector will be looking for a response to the demand for a review of the deadline. Without which there is a real prospect of this decline continuing, which would undermine the government’s plans for economic recovery.
“The only realistic prospect left for people looking to beat the stamp duty at this point would be through specialist or short-term lending arrangements, where there is greater agility and flexibility.”