Widespread relief that SDLT change has not been delayed until the autumn

Fabulous news yesterday that the SDLT announcements went further than we had expected. With an immediate increase in the tax free band to £500,000 for a fixed period until the 31st March 20121. This is great news for all our clients.

In the first half hour after the announcement traffic to Rightmove jumped by 22%.

Rightmove’s property expert Miles Shipside:

“This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.
“They will find there’s currently record demand for their properties from prospective buyers, with Rightmove enquiries to agents now double what they were before lockdown. Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”

Vikki Bennett, spokesperson for property website OnTheMarket:
“The Chancellor’s bold move is bound to boost property transactions up and down the country. We welcome today’s step as a practical means of helping to sustain this post-lockdown bounceback and extend it for a longer period.

“As well as supporting first time buyers, and indeed buyers and vendors generally, these Stamp Duty savings will in turn generate revenue for all kinds of businesses who rely on a buoyant and fluid housing market.”