With the abolishment of stamp duty and having seen record-breaking numbers by some of the UK’s biggest property networks. Exchange Train decided to get its founder (Alexander Beagrie) to provide his opinion on the current state of the property market.
Looking at data provided by HMRC , we can see that in July 2019 there were an estimated 104,780 property transactions across the UK. Last month (July 2020) the figures showed that 80,490 property transactions were processed, meaning that the property sales market is currently running at 76% of last year. However, given the property market came to a halt due to the outbreak of Covid-19 and we almost experienced an economic collapse, from my perspective… the property market is doing exceptionally well all things considered!
Now, there are two ways I can answer this question. The first being to look at all the statistics, data, and patterns over the past few years to determine the most likely outcome of the market for now and the rest of the year. OR, we could go with option two, the less boring and probably more interesting version, “is this a good time to buy or sell a home?” I am going to go with the latter and answer, ABSOLUTELY!
You could ask, ‘what will happen when the furlough scheme ends?’ or ‘how will the property market change when stamp duty is re-introduced?’. These are all valid questions and I would love to put my opinion forward on these in due course, however, we are looking at the ‘now’, and the ‘now’ is pretty damn good.”