Today (Friday October 1) Stamp Duty levels will revert to pre-holiday levels with the property price threshold returning to £125,000 or £300,000 for first-time buyers.
It’s fair to say that the Stamp Duty holiday gave a much needed boost to the property market after lockdown caused a slump in the housing market.
The stamp duty holiday was introduced in July 2020 and extended again until June 30 2021. It meant buyers purchasing a property for less than £500,000 before July 1 2021, paid no Stamp Duty and from July 1 to September 30, it was payable on the cost of properties above £250,000.
The Government introduced the holiday to help people feel more confident about buying and selling – and it certainly seemed to do the trick. The Office for National Statistics (ONS) reported the average house price in England rose by 8.0% to £256,000.
Even with the staged re-introduction of Stamp Duty payments, the property market has remained buoyant and Manager Lizzie Burt is confident there will be sustained growth in the market into 2022.
“We were inundated with interest every time we put a new property up for sale at the height of the Stamp Duty holiday and the interesting thing is, we are still dealing with multiple buyers for each property and the phones don’t stop as soon as we put a property live.
“More stock would be good to be able to match the interest from potential buyers. Looking ahead, we are anticipating 3.9% growth in 2022,” she said.