Stamp Duty Holiday and its impact
Mike Ramsden, Operations Manager at Keebles, analyses the impact which measures such as the Stamp Duty Holiday have had on the property market since it reopened.
Keebles has seen a rush of clients eager to move house or purchase investment properties since the market reopened in mid-May.
The stamp duty holiday announced by the Chancellor earlier this year has undoubtedly further fuelled this huge spike in demand, as people who had not previously thought about moving house seek to take advantage of the savings on offer.
Almost 750,000 jobs in the property sector and wider supply chain were protected and house sales rose 15.6 per cent in August following the introduction of the stamp duty holiday, following an initial 14.5 per cent rise in sales in July.
House builders, estate agents, tradespeople, DIY stores, removal and cleaning firms are among those to have benefitted from increased activity within the sector and its associated industries, with figures from Building Societies Association showing a marked uplift in the number of people who say that now is a good time to purchase a property (37 per cent in September compared to 25 per cent in June).
With stamp duty savings on a property purchased for £500,000 at a substantial £15,000, it’s no wonder that more and more people are being tempted into the market – and we’re looking forward to seeing market confidence continuing to grow at such an unprecedented, uncertain time.
If you are looking to buy or sell a property, get a free online conveyancing quote.
For more information on Residential Property, contact Keebles’ Partner and Head of Residential Conveyancing, Bonita Wolfenden – phone 0114 252 1413 or email firstname.lastname@example.org.