OnTheMarket: SSTC listings in June surpassed stamp duty holiday rush

More properties went under offer in June 2022 than during the same month of the stamp duty holiday rush of last year, OnTheMarket data suggests.

Analysis as part of the portal’s latest Property Sentiment Index, found 60% of properties listed on the website were labelled as sold subject to contract (SSTC) last month within 30 days of being advertised.

That is down from 61% in May 2022 but is higher than the 57% registered in June 2021, which was at the peak of the stamp duty holiday rush.

The figures show that Scotland was the fastest selling region, with 78% of homes SSTC within 30 days of first being listed for sale. 

Greater London had the lowest number of properties with just 49% SSTC within 30 days (49%).

In June 2022, the region with the most number of properties which had taken 120 days or longer to SSTC was Greater London at 13%, compared with Scotland which had the lowest number of properties that had taken 120 days or more to move to SSTC status at just 3%.

The research showed that 75% of active buyers in the UK were confident that they would purchase a property within the next three months and 81% of sellers were confident that they would sell over the same timeframe.

Jason Tebb, chief executive of OnTheMarket, said: “The readjustment in the housing market is inevitable as more stock becomes available and this will likely take several months for the effects to be seen. 

“Whatever happens, those most serious about transacting will get on and do so. Even during the financial crisis of 2008, where residential transaction numbers halved compared with the previous year, there were still hundreds of thousands of sellers who moved because they had their reasons for doing so.

“While there are different headwinds facing the market now, these are not yet impacting the need or desire of many to move. HMRC reports that transaction numbers have stabilised in recent months but they remain somewhat elevated compared to before the pandemic. 

“Of particular interest in June’s data is the 60% of properties in the UK SSTC within 30 days of first being advertised for sale. 

“We would not expect this number to be as high as May’s figure as we encounter distractions such as the approaching summer holidays and children breaking up from school. 

“But given that the figure was 61% in May, the reduction is extremely slight and it’s surprising how strong it remains. With properties selling as quickly as ever, the data further underlines how the most keen and motivated are getting on with the business of moving.”