The total number of Stamp Duty Land Tax (SDLT) transactions in the third quarter was 68% higher than in Q2 2020, new HMRC has data revealed.
HMRC suggested this was a result of the easing of the COVID-19 lockdown measures as well as the introduction of the residential SDLT holiday.
However, the total of SDLT transactions for Q3 2020 was still 18% lower than in Q3 2019, which HMRC also suggested was mainly due to the impacts of COVID-19.
The data showed that the total figure of SDLT receipts in Q3 2020 was 27% higher than in Q2 2020, which was due to the easing of the lockdown measures, while the introduction of the residential stamp duty holiday will have also reduced SDLT receipts, HMRC confirmed.
Masthaven director of intermediaries, Rob Barnard, suggested the latest statistics from HMRC are “unsurprising”, after the total shut down of the housing market in the previous quarter.
“This summer saw a ‘mini boom’ in the housing market and a bounce back from lockdown that few could have predicted,” Barnard said.
“Undoubtedly, the revitalisation of the housing sector can be largely attributed to homebuyers looking to take advantage of the stamp duty holiday. However, with the deadline for stamp duty break fast approaching, it’s vital for people looking to move home to act now if they want to benefit from the initiative.
“With buyers in need of fast transactions and the mortgage market under pressure, specialist lenders can offer tailored, short-term solutions that meet these requirements, such as bridging loans.
“Specialist lenders and mortgage brokers need to work together over the coming quarter to ensure housing transactions can be completed within the deadline and explore alternative forms of borrowing that can help individuals achieve their home ownership dreams.”
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