Half of properties marketed since stamp duty holiday extension sold within 31 days
Some 50% of properties marketed since the government announced the extension of the stamp duty holiday in March have gone under offer within a month, data from Andrews Property Group has revealed.
Buyers have been quick to make offers since the Chancellor confirmed in his Budget on 3 March that the stamp duty holiday would be extended until the end of June; keen to progress sales to avoid missing out on the tax saving.
Across Andrews network of 50 offices in the south of England, instructions were up 6.1% in May, suggesting that sellers weren’t concerned that buyers may desert the market once the full stamp duty saving ends. Property viewings remained stable in May, up 0.7% on April.
David Westgate, group chief executive of Andrews Property Group, said: “Buyer demand remains strong and we expect it to remain that way even after the full stamp duty holiday ends this week.
“The threshold at which buyers have to pay stamp duty will fall to £250,000 and £300,000 for first-time buyers. That should keep many buyers interested in viewing and pushing through sales.
“Whether we will see market activity drop off in the later half of September onwards could depend on how the wider economy reacts to the end of the furlough scheme.
“COVID restrictions should have been lifted by then to soften the blow, but the Chancellor is unlikely to extend the stamp duty holiday again, so buyers and sellers now have a three month window of opportunity while economic conditions are relatively calm.”