UK residential property transactions fell in May, with buying and selling in the coming months likely to reduce further as the stamp duty holiday ends.
There were 114,940 residential property transactions in May, according to ONS figures, some 3.9 per cent lower than in April 2021.
House prices have boomed in the last year due to the introduction of the stamp duty holiday, but with the incentive scheme coming to an end at the end of this month, there is growing evidence the property market is slowing.
Without doubt, the stamp duty relief has driven the strong property transaction volumes,” said Ashley Thomas, director of London-based mortgage broker Magni Finance.
“Overall, I would expect the next few months to drop off significantly. That said, for high value properties, we have seen an increase in enquiries from high net worth clients abroad.
“With the restrictions fully easing in the next few months, I think demand for prime property will continue to increase. The stamp duty relief doesn’t make a significant difference for this demographic.”
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