Cheap mortgages lift UK housing transactions to decade-high

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Cheap mortgages and a continued migration due to new coronavirus housing preferences continued to power the UK housing market in August, as transactions headed upwards yet again.

Despite the end of the stamp duty holiday and the fact that August is usually a quiet month, HMRC estimated that there were 106,150 non-seasonally adjusted UK residential transactions last month, close to levels recorded before the coronavirus pandemic.

This is 24.8% higher than a year earlier and an improvement from the previous month, when sales had dropped by over two-thirds.

In August 2019, transactions were 111,600.

The data showed that the total for UK residential transactions is the highest between April and August during the previous ten financial years, partially due to the burst inactivity before the end of the stamp duty holiday.

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Property: Cheap mortgages lift UK housing transactions to decade-high

Cheap mortgages and a continued migration due to new coronavirus housing preferences continued to power the UK housing market in August, as transactions headed upwards yet again. Despite the end of the stamp duty holiday, and the fact that August is usually a quiet month, HMRC estimated that there were 106,150 non-seasonally adjusted UK residential transactions last month, close to levels recorded prior to the coronavirus pandemic.

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