March Monthly Housing Market Update

190,980 UK Residential transactions were recorded by HMRC in March 2021.

 

The UK Housing Market has seen a steep rise in March, and this coincides with the predicted surge in sales for the spring of 2021. Uk Residential transactions have increased by 32.2% since February, and figures are a staggering 102.3% higher than March 2020.

 

The main reason for these changes is likely the extension of the stamp duty holiday by the government, as well as a new Help To Buy Scheme that aimed to facilitate transactions for first-time buyers.

 

Non-residential transactions in March 2021 saw figures of 12,530. This is a rise of 24.5% on February, and 53.0% since last March. As the UK starts to come out of lockdown, commercial buildings will be used more and this explains the rise seen in March, which will likely continue to rise through April and May.

 

Things to note…

As announced by the chancellor in February 2021, the Stamp Duty Holiday is still in effect. The Stamp Duty holiday allowing buyers to purchase a home in England and Northern Ireland without a stamp duty cost for low-value homes, with the nil rate set to £500,000. The purpose of this change was to facilitate buyers and get the housing market running. The stamp duty nail band rate will reduce to £250,000 from July 1st, and then to £125,000 from October 1st.

 

In Scotland, the stamp duty nil rate of £250,000 and will stay at this rate until March 31st.

 

In Wales, the stamp duty nil rate of £250,000 will stay until June 30th.

 

What does this mean?

 

Changes to the UK housing market as schemes introduced by the government have so far spurred on the housing market and it has seen its strongest period in the last decade. This rise looks to continue into the summer months as the housing market sees one of its strongest months yet.

 

 

MCR Property Group has a range of stunning properties currently up for sale – browse our live listings and find your perfect home this spring.

 

May 4th, 2021

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