One of the key announcements in the Chancellor’s summer statement was a holiday on stamp duty from 8th July 2020 to 31st March 2021, with first-time buyers and existing homeowners paying no stamp duty on purchases up to £500,000 during this period.
With potential savings of up to £15,000 available, it should come as no surprise that this change created an immediate surge in activity, with potential buyers seeking to make the most of the savings on offer.
Traffic to Rightmove jumped by 22% during the first 30 minutes of the announcement being made, demonstrating the efficacy of the announcement in providing a boost to the property market. With recent volumes of sales agreed increasing to levels seen in early March, the momentum which has been built following the easing of lockdown restrictions on the market should continue thanks to this impetus.
Savings by region can be seen in the table below;
|
Region
|
Avg asking price June 20
|
Stamp duty saving
|
|
North East
|
£157,291
|
£646
|
|
Yorkshire and The Humber
|
£202,502
|
£1,550
|
|
North West
|
£206,909
|
£1,638
|
|
East Midlands
|
£236,110
|
£2,222
|
|
West Midlands
|
£238,123
|
£2,262
|
|
South West
|
£321,996
|
£6,100
|
|
East of England
|
£363,066
|
£8,153
|
|
South East
|
£419,595
|
£10,980
|
|
London
|
£628,284
|
£15,000
|