Active Buyers And Sellers Looking For Increased SDLT Relief

Over half of home buyers and sellers believe Boris Johnson does not consider the housing sector to be a Governmental priority as he heads out on his campaign to win the December 12th election. 

Overall 55% of active buyers and sellers believe improvements to the property market will be swept aside in favour of more politically palatable alternatives, according to a survey of over 1,100 active buyers and sellers conducted by Jackson-Stops. 

Despite Johnson pledging to overhaul stamp duty land tax (SDLT) during his race to become leader of the Conservative Party, little more information has been forthcoming since he started his role as Prime Minister. 

However, 41% of respondents feel as though wholesale reductions to SDLT are imperative to ensure both residential and commercial property markets are able to weather the political storm. 

A storm that has undeterred the majority of active buyers and sellers from delaying their home move with 70% of respondents determined to buy or sell a property in spite of Brexit. 

Whilst this figure has fallen from 79% of stoic house hunters determined to push forward with a move in 2017, there is a still a feeling that life goes on and home moves will happen regardless of political factors. 

Even a third (39%) of active buyers and sellers would plough through with a move in the event of a no deal scenario and only 14% felt this would have a strong impact on their decision to sell. 

Although active buyers and sellers remain resilient in the face of difficult market conditions, many would-be buyers and sellers have started to reduce their interest in September according to the NAEA Propertymark Housing Report. 

The number of registered house hunters per branch fell by 11% between August and September from 433 to 387. 

Similarly, housing stock and buyers also reduced with available properties per branch falling from 44 to 40 between August and September. 

The number of agreed sales per branch also fell for the first time since April with the average estate agency completing eight transactions in September. 

Mark Hayward, Chief Executive of NAEA Propertymark, said:  

“Despite a fall in demand from house hunters, first-time buyers have continued to show resilience as they take advantage of favourable market conditions and drive their transactions forward. The recent mortgage data released from UK Finance shows the number of first-time buyer mortgage completions reached its highest monthly level in August 2019 since August 2007, further highlighting this trend.” 

“Low or no stamp duty on lower-priced properties have proved to be a big reason behind this boost in the FTB market, however they could also be concerned that the market may turn against them if a Brexit deal is achieved and are buying now to avoid that scenario. Until we are clearer on what the future holds, it’s likely we’ll continue seeing the number of first-time buyer sales rising.” 

Is the property market showing resilience, or is Government intervention, especially in regards to SDLT, imperative to encourage more active buyers and sellers? 

Today's Conveyancer
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