SDLT transactions increase 43% in fourth quarter

The total number of Stamp Duty Land Tax (SDLT) transactions saw a 43% rise in the fourth quarter of 2020 compared to Q3, according to new HMRC data.

Q4’s total of SDLT transactions also reflected a 14% increase when compared to the fourth quarter of 2019.

HMRC said the the increase in transactions was likely to have been impacted by the SDLT holiday for residential properties introduced last July, alongside a continued release of pent-up demand within the property market since March last year.

The new data provided by HMRC also revealed the total number of SDLT receipts in Q4, which saw a rise of 47% from Q3.

However, the total number of SDLT receipts was 16% lower than the figure recorded by HMRC for Q4 2019. The change in receipts will have also been mainly impacted by the stamp duty holiday, HMRC stated.

The latest data provides quarterly statistics on receipts and transactions for SDLT where the transaction value is £40,000 or above. HMRC confirmed it does not cover any transactions made after 31 December 2020, and therefore does not not cover any effects of the latest COVID-19 related lockdown on 6 January 2021.

Commenting on the figures, PRIMIS Mortgage Network proposition director, Vikki Jefferies, said: “The final quarter of 2020 saw a healthy number of property transactions as thousands of buyers capitalised on the Chancellor’s reduction in stamp duty.

“Going forward, all eyes will be on the March Budget to see if an extension to the stamp duty holiday is announced. In the meantime, brokers will continue to play a key role in helping borrowers find the best product to meet their particular needs.

“For this reason, it will be up to lenders, distributors, conveyancers, trade bodies and other key players in the mortgage market to ensure that advisers have the resources and capacity they need to support their clients during this period, regardless of whether the stamp duty holiday is extended or not.”

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