Stamp duty changes cause stampede in property enquiries and sales
The number of property enquiries is at a 10-year high with many citing the Stamp Duty reforms as the primary contributing factor behind the surge in interest.
According to the National Association of Estate Agents (NAEA) Housing Market Report, the number of buyers who registered in branches grew, on average, to 360 for December.
There was also a significant increase in the number of property sales, particularly those within the up to £250,000 and £250,001 – £925,000 price brackets; the number of estate agents who saw an increase in sales for the property in the £250,001 – £925,000 band rose by 19 per cent whilst 11 per cent of agents saw an increase in sales for properties valued up to £250,000.
The Stamp Duty reforms were announced by George Osborne in the Autumn Statement with the majority of home buyers set to enjoy a decreasing Stamp Duty bill.
Lynne McCaffrey, Head of Property at Goldsmith Williams Solicitors, comments:
“Whilst the changes have increased the need for calculators, the Stamp Duty reforms are good news for people buying property valued at below £937,000 as they will be paying less than they would have done under the old system.
“The cost of moving house has been steadily increasing over the years. It isn’t just the cost of the property but all the associated costs that buyers need to take into account such as surveys, legal fees, estate agent fees, removal companies and Stamp Duty so any reduction, particularly in something as costly as Stamp Duty, can only be a good thing.”
For help understanding the Stamp Duty changes and working out how much Stamp Duty you would have to pay, watch our short video.
Content correct at time of publication