Wimbledon property market benefiting from £500,000 Stamp Duty holiday

Last week we queried whether the Stamp duty holiday would inspire you to buy a house? One week later it seems that it has.

Following the Chancellor’s announcement of a Stamp Duty holiday on the first £500,000 of property purchases Rightmove is quoted here in Property Investor Today saying there has been a rise in buyers looking for higher priced homes.

The portal says that sellers of higher priced homes in the southern commuter belt and outer areas of London have been given a boost by the Chancellor’s market intervention as buyers in these areas are set to make the biggest tax savings.

According to the article there was a 49% rise in the number of people looking for properties in the £400,000 to £500,000 price bracket in the week since the announcement, compared to the previous week. The price bracket with the second highest rise was £500,001 to £750,000, where demand from buyers who will save £15,000 increased by 40%.

Zah Azeem, Partner Scrivener Tibbatts adds: “The £15,000 saving on properties priced above £500,000 will definitely help some buyers to trade up more easily. Currently 71% of respondents to our Twitter poll on @ScrivTibbs say: ‘“Yes, definitely” not paying Stamp Duty on the first £500,000 will encourage them to buy a house now.’”

Rightmove reports that the number of searches from prospective buyers saw the biggest uplift in the South and East of England.

“The uplift in enquiries is likely a mixture of people looking in new areas to see what they can now afford, changing their search criteria to bigger, slightly more expensive homes, and new movers coming into the market because they now have enough extra budget to move home,” explains Miles Shipside, Rightmove’s commercial director and housing market analyst.

Rightmove’s analysis shows that this is going to help the mid-market the most, but all parts of a property chain are vital to keep the market moving.

If you would like to discuss this or something related to a valuation please contact zah@scrivenertibbatts.co.uk or call 020 8947 7040.