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Stamp duty cut saves buyers up to £15,000

10 Jul 2020
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Stamp duty cut saves buyers up to £15,000

This week in five seconds

  • Low and mid-level property activity remains strong
  • Stamp duty cut on the lower tiers sees up to £15,000 saving for buyers
  • Prime activity is slow and very little new business coming from the portals 

Activity focused on the mid to lower end

The market has been distorted by Covid and as yet there is no sign of the summer slowdown. Volume of activity remains high at the lower and mid levels. Agents are seeing rather peculiar activity of certain days being extremely busy and the next nothing at all. We can deduce no pattern by price, location or property type.

Stamp duty reduction saves buyers up to £15,000

Stamp duty for main residences has been cut to 0% for all bands up to £500,000 (BBC news) until March 31st, 2021. This will see buyers save up to £15,000 in cash on their purchase which will help vendors and buyers reach deals that may have been just out of reach before. 

Prime activity lower but buyers who are active are high quality

The volume of activity in viewings at the prime end of the market is much lower. This is heightened by the pent up demand slowly fizzling away and a lack of new applicant interest from the portals. Those active buyers at this end are proving to be real though and turning into real bids. We are seeing “outside space” being a more important factor than before. Good outside space is selling well and those with compromised outside space are more challenging to sell.

Have a great weekend.

The Movewise Team

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