The number of homes sold in the UK dropped by more than a third between March and April, according to the latest release of property transaction data from HMRC.
Despite being the most transactions in any April since 2007 with 117,860 homes sold, this was a drop of 35.7% from the previous month. Yet, the figure was still nearly 180% more than at the same point a year ago.
John Eastgate, managing director of property finance at Shawbrook Bank, said that fears of a boom-and-bust cycle were misplaced. He added: “The long-term prognosis for housing remains positive. Opportunities are still out there for buyers and investors that have capital available and are keen to move. City centres that seem to have fallen out of favour in recent months still show promise as we head back to the office and return to a level of normality.”
A more-cautious tone was sounded by Andy Sommerville, director at Search Acumen. He said that there was a ‘fragility’ to the UK property market. He added: “Concerns over whether activity levels will sustain once the stamp duty holiday is wound down are mounting.”