Recently released figures have shown that the level of property sales in February picked up. The data was released by HM Revenue and Customs, and showed that there was a 14 percent increase in completed property sales in February compared to the previous month.
This equated to a total of 58,000 completed property sales for the month. Whilst the figure was higher than that seen in January, which experienced a real slump, it was much lower than the figure for December according to the figures.
The number of completed property sales in December came in at 103,000, and it is thought that the higher figure was the result of buyers rushing to complete property sales because of the fact that the stamp duty holiday was due to come to an end at the end of December. However, this February’s figure was higher than the figure for February of last year, where only 43,000 properties were sold.
Officials have said that the mad rush to complete property sales in December of last year due to the end of the stamp duty holiday meant that the figures for January and February of this year were lower than normal. The lower figures were also attributed to cold weather conditions. February also saw property prices fall after months of steady increases.
In the meantime the British Banker’s Association has stated that the property market is likely to remain subdued for the foreseeable future. However, this prediction may be affected by the recent budget, where the chancellor, Alistair Darling, announced that stamp duty exemption would be increased to properties up to the value of £250,000, which is double the standard value of £125,000. This exemption is set to remain in place for at least two years.
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stamp duty,
British Bankers Association,
housing market,
property sales,
Alistair Darling
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