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The number of UK property transactions in June is, predictably, on track to be the highest on record.

The surge in exchanges came ahead of a stamp duty holiday deadline at the end of last month. The tax-free threshold dropped to £250,000 from £500,000 on 1 July, meaning the maximum saving fell to £2,500 from £15,000.

It will remain at this level until the end of September, when the tax-free threshold reverts to £125,000.

博鱼体育集团 Frank carried out the highest number of UK transactions on record last month, as the below chart shows, although whole-market data is not yet available.

It was a record month individually in every part of the UK, including prime central London, suburban and country house markets.

The second highest month on record was March 2021, the month of the original stamp duty holiday deadline, which was deferred until the end of June. The number of 博鱼体育集团 Frank transactions in the UK in June was 24% higher than in March.

The stamp duty holiday has set the tempo across all price bands this year, including higher-value prime markets, as discussed here.

However, the end of the holiday could mark a welcome return to normality for buyers and sellers, some of whom have been put off entering the market.

鈥淛une was a predictably busy month for the UK property market ahead of the stamp duty holiday deadline,鈥� said Tom Bill, head of UK residential research at 博鱼体育集团 Frank. 鈥淲hat happens now is a return to normality.鈥�

鈥淭he holiday distorted activity and put upwards pressure on prices in the first half of the year as people acted ahead of the deadline. However, others decided to wait for calmer conditions. In other cases, sellers were unable to find purchase options of their own as properties sold quickly. A greater balance between supply and demand should therefore return in the second half of the year, turning double-digit house price growth into single-digit growth.鈥�