UK housing market activity expected to see significant dip

Property transactions in the UK will cool by at least 25% compared to last year, according to a conveyancer at Osbornes Law in London.

The stamp duty holiday fuelled a boom in house with 47% more sales in 2021 than in 2020 and the busiest year since before the credit crunch in 2007.

A staggering 1.5 million purchase transactions took place last year according to banking trade body UK Finance, but Simon Nosworthy, head of residential conveyancing at Osbornes Law, believes there are four reasons why the property market is likely to see a significant dip in transactions in the coming year.

He said: “Last year was the busiest I can remember with the extension of the stamp duty holiday in the middle of the year proving to be rocket fuel for the housing market. Activity understandably slowed towards the end of the year, and I expect the housing market to slump by at least 25% in the coming year for several variables that weren’t present previously.

Read the full article on: Property Industry Eye | JANUARY 31, 2022 | MARC DA SILVA