Stamp Duty deadline – here’s the last date to market a property in time
Rightmove says that currently the average time for a seller to find a buyer is 65 days nationally, and it takes a further 126 days to go through the legal process to completion.
“Based on this, sellers should be looking to come to market by Tuesday March 23 if they want to make sure their buyers can make use of the tapering end to the stamp duty holiday by the end of September” says the portal.
Wednesday of this week, when the Budget was held, was Rightmove’s busiest day ever with visits surpassing nine million for the first time.
The total was six per cent higher than on summer financial statement day on July 8 last year, when Chancellor Rishi Sunak declared the start of the stamp duty holiday.
This week it was the combination of the stamp duty holiday extension and the introduction of the 95 per cent mortgage scheme which appears to have propelled new buyers to Rightmove on Wednesday.
The number of enquiries the Budget triggered on to Rightmove and then on to estate agents was 82 per cent higher than on the same day in 2020.
Rightmove’s data analysts have also found that in 12 areas of the north, at least 99 per cent of properties are up for sale for £250,000 or less, compared to just five of properties in London available for £250,000 or less.
A record was also hit on Wednesday in Rightmove’s commercial section, with over 145,000 visits from people looking for a new commercial space for their business.
Rightmove’s Director of Property Data Tim Bannister says: “It’s clear from our record-breaking traffic numbers that the Spring Budget has introduced buyers into the market who were not perhaps able to consider moving until now or who were waiting to hear what was going to happen to stamp duty.
“The stamp duty holiday extension, coupled with the introduction of five per cent deposits, has given many people the certainty they have been looking for to press ahead with their home-moving plans. We expect this to help spring market activity and could encourage more sellers to come to market especially in the areas where property prices are lower.
“Many people who may have been delaying a move for a whole multitude of reasons now have the impetus and encouragement to take their next life step – whether it’s getting a foot on the property ladder as a first-time buyer or trading up for more space and a bigger garden.”