Residential Real Estate News
Home Sales in the UK Hits Record Pace in June
According to Knight Frank's latest research, the number of UK property transactions in June 2021 is on track to be the highest on record. Although more whole-market data will come in over time, Knight Frank carried out the highest number of UK transactions on record last month.
Knight Frank further states it was a record month in prime central London, the London suburbs and the rest of the UK, including the country house market. The second highest month on record was March 2021, the month of the original stamp duty holiday deadline, which was deferred until the end of June. The number of Knight Frank transactions in the UK in June was 24% higher than in March 2021.
"June was a predictably busy month for the UK property market ahead of the stamp duty holiday deadline," said Tom Bill, head of UK residential research at Knight Frank. "What happens now is a return to normality. The holiday distorted activity and put upwards pressure on prices in the first half of the year as people acted ahead of the deadline. However, others decided to wait for calmer conditions. In other cases, sellers were unable to find purchase options of their own as properties sold quickly. A greater balance between supply and demand should therefore return in the second half of the year, turning double-digit house price growth into single-digit growth."
