HMRC Property Transactions – comment

Following today’s HMRC figures on UK property transactions, Mortgage and protection broker, Access Financial Services CEO Karl Wilkinson said, “The non-seasonally adjusted figures for property transactions look like they have fallen off a cliff at 55% lower than last year.  While it is clear that we are starting to see a slight slow down in transactions, it is not as dramatic as the figures would lead you to believe.  The stamp duty holiday ending in June last year dramatically distorted the market, stimulating a huge spike in transactions as people tried to buy before they had to pay stamp duty again.  Following that, every June is likely to look like a drop.  Instead, we are seeing a slight easing back of demand to more sensible levels.”