Quarter of buyers note stamp duty holiday as motivation for property purchase
Just a quarter (25%) of homebuyers noted the stamp duty holiday as the motivation behind purchasing a property, according to Enness Global Mortgages.
The data details that 71% of respondents outlined alternative reasons behind purchasing.
As a result of an increase in the number of buyers, 48% of respondents said that they are worried their sale will not complete before 31 March.
Over two thirds, 67%, have detailed that they would like to see the current stamp duty holiday deadline extended beyond the end of March.
The survey was of 1,001 recent homebuyers carried out by Find Out How.
Hugh Wade-Jones, managing director of Enness Global Mortgages, said: “It’s clear that the opportunity to save on stamp duty has helped to revitalise the UK property market in what have been tough times due to COVID-19.
“However, for many homebuyers it has been an added bonus rather than the driving factor behind their intent to purchase, with just 25% of buyers entering the market due to the stamp duty holiday itself.
“This is still quite considerable when you consider there are around one million transactions completed a year and so a 25% boost translates to hundreds of thousands of additional sales.
“Unfortunately, all good things must come to an end and it looks unlikely that we will see an extension beyond the original March deadline.
“With the clock ticking, those yet to complete due to current market delays will be forgiven if an air of panic is starting to set in, having had an offer accepted well in advance of the deadline.
“Perhaps a fair alternative to an extension would be to allow those who have an offer formally accepted prior to the end of March to also qualify for stamp duty relief.”