Home sales jumped by 32% month-on-month in August

A stamp duty deadline in June had meant some sales were rushed through so buyers could maximise their tax discounts.

Home sales bounced back in August to be around a third higher than in July, according to HM Revenue and Customs figures (Yui Mok/PA) (PA Wire)

Home sales bounced back in August to be around a third higher than in July, according to HM Revenue and Customs (HMRC) figures.

Across the UK, an estimated 98,300 transactions took place in August, which is 32% higher than in July.

Many property sales had been rushed through in June as the deadline to get full discounts under a stamp duty holiday approached. Some of these transactions may have otherwise taken place in July.

The property market has proved its resilience yet again, with transactions climbing 32% in August

Sam Mitchell, CEO Strike

From July, the stamp duty holiday in England and Northern Ireland was tapered.

A similar tax holiday in Wales ended on June 30.

Mike Scott, chief analyst at estate agency Yopa said: “The housing market has recovered very quickly from the dip in activity after the stamp duty deadline at the end of June.”

Sam Mitchell, CEO of online estate agent Strike, said: “The property market has proved its resilience yet again, with transactions climbing 32% in August.

“We’re witnessing another flurry of activity as buyers and sellers rush to compete before the final stamp duty savings are removed this month, with properties valued under £250,000 still benefiting from the relief.

“But the strength of the UK housing market goes well beyond fluctuations around changing tax policies, and we see little sign of it slowing down in the months to come despite the stamp duty holiday finally ending.

“There are still other incentives on offer, like the uplift in 95% mortgage offerings and record low interest rates. Plus, people are continuing to reassess their needs in a home due to increased remote working, with more space and rural living proving to be more in demand than ever before.”

Mark Harris chief executive of mortgage broker SPF Private Clients said: “Crucially, lender appetite continues to grow beyond offering the lowest rates, with some broadening of policy making it easier for borrowers to access the funding they need.”