Home sells grew to the highest level on record as buyers sought to escape the end of June deadline of the stamp duty holiday. HMRC reported that there were 213,120 property sales in June. The deadline had been set for the end of March, but was extended until the end of June. The same rush to buy occurred in March, and will likely happen again in September. The June deadline only met with a reduction of the tax relief for home buyers. The total end of the stamp duty holiday will be 30 September.

The housing market is expected to remain busy throughout the summer and to end of year. The ability to save with the stamp duty holiday was just a bonus opportunity. The real draws to the market are cheap borrowing with low interest rates and the deep desire for buyers to get onto the property ladder or move home.

The pandemic created a desire to obtain a home that would offer a lifestyle better suited to lockdowns and restrictions. Some of the top wish list items for home buyers were more space, a private area to work from home, study and learning areas for children, space for fitness and exercise, and an outdoor garden or nearby green spaces.

Those seeking their pandemic lifestyle dream home will be allowed to choose from some of the lowest interest rates offered by lenders. For instance, one top lender has recently launched a five year fixed rate deal under 1%. 

Of course, some of the lowest interest rate deals are reserved for those that have the best credit history and large deposits. However, even those needing to shop slightly higher interest rates will find borrowing remains cheap and lenders are competitive for attention from home buyers. Deals offered are creative and often include incentives such as free legal work or evaluations.

As the race to space continues, homes at the top of the property market are also selling. More £5 million and higher asking priced homes sold in London in the first half of the year since 2014. 

Agents and online property listers are reporting continued interest from those shopping the housing market. A sign that the demand from home buyers is not cooling off yet.