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21 April 2016
Doug Crawford, CEO of My Home Move, comments on HMRC monthly property transactions
“These official figures show the huge scale of desperation for buy-to-let investors and second-home buyers to beat the new 3% stamp duty surcharge. The 42% monthly increase also shows just how well the industry pulled together to help push property purchases over the line, with whole chains dependent on successfully completing before the end of the month.
“March was the busiest month we have ever seen with a record-breaking number of transactions (over 6,000 in total), including our busiest ever day for completions, on 31st March, reaching a total of 1,210 in a single day.
“As we predicted, the new stamp duty levy turbo charged the property market during the first quarter of the year. However, we anticipate that property transactions will now begin to slow, as housing activity cools off from these dramatic levels.”