Not for the first time, the property market appears to be defying gravity. Despite a blanket ban on viewings, property transactions are accelerating. Based on data from the Property Services Regulatory Authority (PSRA), Davy stockbroker calculates that there were 13,100 transactions in the first quarter of 2021, worth about â¬4.2 billion. In volume terms, this was up 12 per cent on the same period last year.
When the first lockdown came into force last year with a similar ban on viewings, transactions fell off a cliff. So whatâs different now?
One explanation might be that the transactions relate to sales agreed at the end of last year. It typically takes 8â10 weeks from the sale agreed point to the completion of the transaction. Solicitors then have 44 days to file the stamp duty return, which is the basis for the Residential Property Price Register, which gives us the offical data.