Paul McGerrigan, Loan.co.uk’s CEO comments on – HMRC Property Transactions Data
The data showed that, whilst the seasonally adjusted estimate of UK residential transactions in November 2021 was 24.3 percent higher than in October, it was still 16.4 percent lower than October last year.
“The November property transaction figures, whilst 24.3 percent up on October’s numbers, actually reveal a second month of shrinkage in the housing market against last year’s performance, being 16.4 percent less than November 2020.
“Whilst an initial dip was inevitable when Stamp Duty was reinstated at the end of September, the level of contraction, with October being 52 per cent down on the previous year, is especially significant against a backdrop where the Bank of England’s interest rate increase and an imminent energy price hike will turn the screw on home hunters and pour more cold water on the market.
“High demand and an exceptional shortage of supply will keep some momentum in the market, which traditionally sees a spike of buyers in the new year, but the growing shadow of Omicron and the likely safety measures it will bring after Christmas looks likely to strangle the market for several months to come.”
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