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ONS – Property Sales Rise 123% in May Posted: 23rd June 2021

According to the latest figures from the Office for National Statistics (ONS), residential property sales reached their highest level for seven years in May of this year.

There was a total of 103,100 residential sales – a rise of 123.4% year-on-year. However, there were cautions that direct annual comparisons are problematic due to the closure of the housing market for several months of 2020 as the pandemic took hold.

Figures for the first quarter of last year show that there was a total of 392,860 residential sales in the UK. This is the highest quarterly total since 2006.

It is believed that these figures are largely a result of the stamp duty holiday that was implemented last year and ran until the end of March in Scotland and to the end June in England and Wales. In addition, the introduction of the mortgage guarantee scheme resulted in high transaction volumes as people were once again able to secure 95% mortgages.

Since the property market reopened, there has been a surge in buying and selling with the market returning to the underlying trend of growth, albeit at a lower level than before. This has been further boosted by the low cost of borrowing and lack of supply.  The stamp duty (LBTT) holiday proved to be an important factor in helping second-steppers and buyers of more expensive properties move up the ladder, enabling those at the lower end to buy starter homes.

If you are considering taking advantage of today’s buoyant market, contact Nicol Estate Agents to talk about how we can help you to achieve your moving goals.

Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
We want our clients to be delighted with the service we provide. Listening to your needs and understanding your requirements is our starting point. To find out more about our approach to selling homes, download our comprehensive Guide to Selling your Property here.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Sales Manager Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.