The total saving for UK homebuyers from the stamp duty holiday could reach £3.4bn by the end of the deadline, according to new analysis by GetAgent.
Research by the estate agent comparison site found that the stamp duty holiday in its entirety looks set to see an estimated 76% of all homebuyers pay no stamp duty whatsoever.
GetAgent analysed transaction data from the Land Registry to see how the market has performed between the launch of the stamp duty holiday and the original deadline of 31 March 2021, which is the latest data available. GetAgent then also estimated what the continued impact will look like by the time the deadline on the initiative passes at the end of September.
The research showed that prior to the launch of the stamp duty holiday, 258,978 transactions took place across England between 1 January 2020 and 7 July 2020. This equates to 1,370 homes sold for every one of the 189 days during this period. However, current market data revealed that since the introduction of the stamp duty holiday, this has increased to a rate of 1,508 homes sold per day.
In total, GetAgent estimated that of the 539,972 transactions forecast to complete between 8 July 2020 and the initial deadline extension of 30 June this year, 84% will pay no stamp duty at all, with the total market saving expected to reach £3.2bn.
A further 138,764 homes are expected to sell between the additional deadline extension of 1 July and 30 September this year. Despite the stamp duty free threshold being reducing from £500,000 to £250,000 in this period, GetAgent also estimated that 45% of all transactions will still remain exempt from paying stamp duty, with a further saving of £250,006,781 expected across the market as a whole.
GetAgent founder and CEO, Colby Short, commented: “The current stamp duty holiday may have its critics and there’s no doubt that it’s been a factor in creating the current market bottleneck that has seen many subject to long delays during the transaction process.
“However, there’s also no doubt that a great deal of homebuyers have benefitted and many more will continue to do so right up until the end of September.
“Even with the reduction of the stamp duty free threshold from July onwards, nearly half of all transactions will continue to pay no stamp duty at all, so we can expect the market madness to continue until this secondary deadline, at the very least.”
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