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Antony Antoniou – Luxury Property Expert

Transaction volumes edging higher than 2019 despite Covid

Transaction volumes edging higher than 2019 despite Covid

Transactions appear to be edging higher than in 2019 for the first time this year – despite lockdowns and concerns caused by Coronavirus.

Comparison site GetAgent says transaction volumes across the whole of the UK were just 0.7 per cent lower in September 2020 than at the same month last year; in England alone, there have actually been 1.0 per cent more transactions in September over the 2019 level.

With the market having ground to a halt during the first UK-wide lockdown, property transactions in June of this year sat some 29 per cent lower than in 2019 at 83,860.

Even with the announcement of the stamp duty holiday in July, the lag of actually completing a sale meant that transactions sat 21 per cent lower than they did in 2019 and were also down 22 per cent in August.

However, the latest data for September shows a 16 per cent monthly uplift in transactions.

“The latest market data provides the best proof yet that the market has rebounded from the depths of pandemic paralysis, fuelled by a huge increase in homebuyer demand as a result of the stamp duty holiday. It’s the first time we’ve seen transaction levels exceed that of a year ago on a monthly basis since the market reopened for business and it looks to be the tip of the iceberg” says GetAgent founder Colby Short.

“With such overwhelming demand, the industry has struggled to cope causing huge backlogs of sales waiting to complete. However, as we continue to work tirelessly to clear this backlog, transaction numbers should continue to climb even higher over the next few months.”

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