Following the latest HMRC housing transaction stats which showed 137,000 property transactions – the highest of any December in the last ten years, John Phillips, national operations director, Just Mortgages and Spicerhaart said, “When the housing market reopened last year, the starting pistol was fired on what we initially thought may be a sprint, but which has turned into a marathon.
“The drivers behind the market have been pandemic-based, but the role of the stamp duty holiday has been overestimated. What is really pushing the market is the changing needs of consumers and the massive increase in savings during lockdown. Working from home has become the norm for millions so driven by the need for a home office, or the fact they no longer need to live near to the office, people are looking to move. With the memory of being locked-down through the summer months, people are also looking for outside space.
“While there are some predicting the end of the stamp duty holiday will cause a massive drop in property transactions, we believe it will be a small speed bump. The market may slow slightly as we approach it, but once we move past it, the market will continue to build momentum.”