Data released by HMRC today shows residential property transactions remain subdued. According to the figures, 76,000 property sales took place in June bringing the total for the second quarter of the year to 225,000.
This compares with 216,000 in the first quarter and 260,000 in the final three months of 2009.
Sales are still running well below the levels preceding the onset of the credit crunch, partly because of a shortage of mortgage finance as well as, until recently, the lack of stock on the market.
In the latest RICS Housing Market Survey, RICS asked specific questions on stamp duty to assess the impact the stamp duty exemption might have on property transactions.
Unsurprisingly, 89% of respondents across the UK agreed the stamp duty holiday should be maintained by the new Coalition government.
85% of respondents believe the new incentive will boost transaction activity by up to 10%.
One in ten suggested that the increase in sales would be in the region of 11% to 20% with the remainder anticipating a gain in excess of this.
