Stamp duty holiday saves 500,000 people a total of £3.2 billion
The stamp duty holiday has saved 500,000 people a total of £3.2 billion new research suggests.
Estate agent comparison site GetAgent analysed Land Registry transaction data from the to see how the market has performed between the launch of the stamp duty holiday – a relaxation of the tax on home sales to boost the housing market during the coronavirus pandemic – and the original deadline of March 31, 2020, before Chancellor Rishi Sunak extended it.
GetAgent’s research shows that, prior to the launch of the holiday, 258,978 transactions took place across England between January 1 and July 7 last year – 1,370 homes sold each day.
However, it found that since the introduction of the tax break, this has increased to 1,508 per day.
In total, GetAgent estimates that of the 539,972 transactions set to complete between July 8 last year and June 30, 84 per cent will pay no stamp duty, with the total market saving expected to hit nearly £3.2 billion.