The UK property sector saw the busiest month in more than a decade in July, with \u00a337 billion worth of property transactions being agreed during the month.<\/p>\n\n\n\n\n\n\n\n
The figures come from research by Rightmove, and follow the suspension of the housing market during the Government\u2019s coronavirus lockdown, with the UK going into recession during the period.<\/p>\n\n\n\n
Sales increased by \u00a312 billion year-on-year, with July 2019 seeing \u00a325 billion in sales agreed, as the market recovered following the lockdown.<\/p>\n\n\n\n
The news also follows the Chancellor\u2019s announcement of a temporary cut to stamp duty in July, known as a stamp duty holiday, with more people being encouraged to move house through the threshold being raised from \u00a3125,000 to \u00a3500,000 until 31 March 2021.<\/p>\n\n\n\n
Experts believe that the stamp duty holiday has accelerated the property market, while average property prices were down by 0.2 per cent on July\u2019s record high of \u00a3320,265.<\/p>\n\n\n\n
Overall, property transactions increased by 60 per cent in the week between 5-12 August, compared to the same week last year, with the usual summer slowdown not materialising.<\/p>\n\n\n\n
Miles Shipside, Director at Rightmove, said: „We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record \u00a337bn-monthly spending spree.”<\/p>\n\n\n\n
„More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced.\u201d<\/p>\n\n\n\n
For help and advice on matters relating to property law, contact our expert team at Ardens Solicitors today.<\/strong><\/p>\n \t","protected":false},"excerpt":{"rendered":" The UK property sector saw the busiest month in more than a decade in July, with \u00a337 billion worth of property transactions being agreed during the month.<\/p>\n","protected":false},"author":1,"featured_media":283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":""},"categories":[14],"tags":[],"yoast_head":"\n