There were 213,120 sales in June which has smashed all the previous records since the official government statistics started to be compiled in 2005.
The number of sales even beat March’s high of 174,060 – which coincided with the first stamp duty holiday deadline, which was subsequently extended to June.
Sam Mitchell, CEO of online estate agent Strike, said: “June saw the property market turn to a frenzy, with homeowners scrambling to complete and exchange in time for the end of the stamp duty holiday.
“There may be no further extension this time, but let’s not forget the tapering off period is still in place until the end of September, meaning properties valued under £250,000 still benefit from the relief.
“What’s more, there are plenty of other incentives at play to keep the market moving, including the increase of 95% mortgage offers combined with low interest rates.”
It’s not just the stamp duty holiday which has contributed to these record figures, Sam also explained how the pandemic had forced a change of lifestyle for many and – with this – had come changing needs for a property.
“Despite some now returning to work, we’re still seeing increased numbers seeking a more rural area with extra space – and this trend is likely to stay for the long term,” he added.
Will the boom continue?
With the stamp duty holiday – in its less generous format – continuing until the end September, industry experts believe conditions are in place for the house buying frenzy to continue for a few months more.
Indeed, Tomer Aboody, director of property lender MT Finance, said: “With mortgage interest rates at record lows, and some at sub 1%, borrowers are realising this is the opportune moment to stretch themselves in order to buy their dream home.
“This trend is likely to continue for a while yet, while money remains cheap, resulting in prices rising further due to lack of supply.
“Will the Chancellor look at possibly reformatting stamp duty so that downsizers don’t have to pay it or face a significant reduction?
“This would have the desired result of more properties coming to market, keeping a lid on prices while further boosting the wider economy.”
