March residential transactions were the fifth highest monthly rate in any of the last 20 years. 🗓️💥
Transactions levels in March alone were 164,650. This compares with a typical monthly rate of 97,700 over the last 20 years, representing a 📊 69% increase on usual levels.
This flurry of activity was driven by first-time buyers 🧑💼🏡 looking to beat the stamp duty deadline 🧾🚫, which came into effect on 1st April.
Looking back over the past two decades, the impact of stamp duty changes on activity levels is clear:
📌 The 2016 spike ahead of the second home surcharge 🏘️💸,
📌 And the surge during Covid-era stamp duty exemptions 😷🏠💷.
🔮 For the market now, this likely means that some activity was pulled forward. However, the recent decline in interest rates 📉🏦 might help balance out the expected lull in market activity.
Source: Dataloft by PriceHubble
