SDLT holiday effect may not be as large as first thought
Knight Frank believes that the stamp duty land tax (SDLT) holiday hasn’t been a huge motivating factor in people moving over the last 9 months.
Using data supplied by OnTheMarket, the agency revealed that there was only a 30% rise in the number of properties going under offer in England and Wales compared to the same month last year.
Knight Frank said:
“The stamp duty holiday has been an important motivating factor for buyers but the figures show that it hasn’t boosted activity to a greater extent in lower-value markets. The maximum saving is £15,000 and although the tax-free threshold is £500,000, it is reasonable to assume it will be an important consideration for buyers up to £1m.”
This sentiment has been mentioned in the sector before, but as a stimulus the SDLT holiday has helped to add a little extra incentive to some of those wanting to move.