Though they tailed off slightly compared to April, monthly property transaction levels in May remained high due to the Stamp Duty holiday, according to data published this morning by the Office for National Statistics.
- The provisional seasonally adjusted estimate of UK residential transactions in May 2021 is 114,940, 138.2% higher than May 2020 and 3.9% lower than April 2021.
Experts say other drivers of transaction levels are Government-backed mortgages at higher loan-to-values, pandemic-induced lifestyle shifts and a simple ‘FOMO’, or fear of missing out. People have been worried that house prices could spiral out of reach.
A selection of comments from property and mortgage market experts are available below.