Connect with us

Hi, what are you looking for?

Investing

December house sales highest since 2006

Estate Agents Window

Housing market transactions last month reached their highest level since 2006 as buyers raced to benefit from the stamp duty holiday.

There were 137,200 sales in December, 14 per cent higher than in November and 34.2 per cent higher than in the final month of 2019, according to provisional data from HM Revenue & Customs.

Overall transactions last year fell by 11 per cent to about one million, holding up relatively strongly despite the economic uncertainty caused by Covid-19 and the eight-week shutdown of the market as the pandemic hit. During the global financial crisis in 2008, annual transactions fell by 43 per cent.

The stamp duty holiday, introduced in July, helped to fuel a boom in the housing market in the summer and autumn. It raised the threshold at which buyers start to pay the tax from £125,000 to £500,000 Critics have claimed that it was introduced before there was enough evidence that the market needed it, contributing to house prices rising at their fastest rate in six years. They are up by more than the maximum saving of £15,000 in 27 of London’s 32 boroughs since it was introduced, according to Twindig, the property portal.

Rishi Sunak is facing calls to extend the relief in April, when unemployment is set to rise as the furlough scheme ends. Lucian Cook, head of residential research at Savills, the estate agency, said: “With the current lockdown causing further economic disruption and making it more difficult for some buyers to complete before the stamp duty holiday ends, arguably there is a stronger case to extend it and taper its withdrawal than there was for introducing it in the first place.”

The Bank of England’s credit conditions survey found that strong demand had allowed banks to maintain strict standards in the final three months of last year, while increasing mortgage lending. Mortgage availability is expected to increase in the next three months and the cost of mortgages is forecast to fall.

Anthony Codling, the housing analyst who founded Twindig, said: “It suggests that lenders are less fearful about a housing market crash.”

Last year the top end of London’s market was at its strongest since 2016. The number of homes sold for more than £5 million was up 12.3 per cent on the previous year to 348, Savills said.

Read more:
December house sales highest since 2006

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City...

Investing

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting...

Economy

The House of Representatives will adopt the Senate’s version of the proposed measure taxing Philippine Offshore Gaming Operators (POGO), a key lawmaker said on...

Economy

President Rodrigo R. Duterte on Friday approved the recommendation of his pandemic task force to enforce stricter quarantine rules in Manila, the capital, and...

Economy

Thirty-seven percent of Filipinos are optimistic that their lives will improve over the next 12 months, a non-commissioned survey shows.  Of the 1,200 respondents in Social Weather Stations’...

Economy

Six electricity consumers on Friday filed a complaint with the Ombudsman against Department of Energy (DoE) Secretary Alfonso G. Cusi, alleging that the government official has neglected his duties.  “In his five...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!