The final quarter of 2020 saw a 43% increase in property transactions than the previous quarter as homebuyers looked to take advantage of the stamp duty holiday, according to the latest figures from HMRC.
Residential property sales in Q4 2020 were 44% higher compared to Q3 and 16% more than in Q4 last year.
Non-residential property transactions were up 26% between Q3 and Q4 2020 and 6% lower than in Q4 2019.
The statistics bulletin from HMRC shows all stamp duty transactions that are valued at £40,000 or above.
Vikki Jefferies, proposition director at PRIMIS Mortgage Network, said: “The final quarter of 2020 saw a healthy number of property transactions as thousands of buyers capitalised on the Chancellor’s reduction in stamp duty. Over recent months, lenders and advisers have been working hard to process these cases and help borrowers benefit from the stamp duty holiday ahead of the March deadline, all while continuing to work remotely – something which has been no mean feat.
“Going forward, all eyes will be on the March Budget to see if an extension to the stamp duty holiday is announced. In the meantime, brokers will continue to play a key role in helping borrowers find the best product to meet their particular needs. For this reason, it will be up to lenders, distributors, conveyancers, trade bodies and other key players in the mortgage market to ensure that advisers have the resources and capacity they need to support their clients during this period, regardless of whether the stamp duty holiday is extended or not.”