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Government figures show residential property transactions in August 2021 totalled 93 000 20.8% higher than August 2020 and 32% higher than July 2021 however this was following a significant dip in June 2021.
Chris Etherington private client tax partner at RSM said: ‘A post-high hangover was to be expected but the scale of the drop-off in property deals in July might have given the chancellor some pause for concern. With an autumn Budget and spending statement to announce on 27 October the chancellor will need the funds generated by SDLT more than ever. The latest figures for residential property transactions in August should therefore provide some comfort that the market appears to be returning to relative normality.’
He warned that demand may yet fall as taxpayers face increased household bills and higher property prices – up an average 8% from last year according to...
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