February saw the second highest level of housing transactions in a month since February 2007 as buyers rushed to beat the original stamp duty deadline.
Figures released by HM Revenue and Customs, showed 147,050 residential mortgage transactions were completed in February. The only month with a higher figure since February 2007 was in March 2016 when a spike in demand was caused by the introduction of the stamp duty surcharge for additional properties, 176,500 transactions were completed that month.
The total number of transactions was 48% higher than a year ago in February 2020 and 23% higher than the previous month, helping to contribute to a continued house price growth which stood at 7.5 per cent in the year to January 2021 according to the office of national statistics.
The stamp duty holiday has helped fuel demand, but the extension to the stamp duty holiday, positive vaccine role out and lenders returning to high loan to value mortgages, will help see this increased activity continue through the year.
