Elash was responding to the latest data by HMRC.
Looking to the provisional seasonally adjusted estimate of UK residential transactions, Elash said that the data no longer merely reflects pent-up demand, but points directly to the impact of the stamp duty concession.
Elash said: “It looks and feels as though there is a rush to take advantage of this opportunity, which is driving continued growth in transactional volumes.”
However, Elash pointed to concerns surrounding what happens to demand and transactional volumes if, and when, the stamp duty holiday ends.
Elash said: “Without an extension, we risk seeing a violent drop in activity, leading to a fall in asset values.”
Furthermore, Elash believes it is unsurprising that non-residential transactions are down year-on-year.
The COVID-19 pandemic has affected commercial assets particularly hard as more businesses struggle to survive, according to Elash.
He added: “We expect this trend to accelerate.”
