Rightmove yesterday recorded a sharp rise in searches for property on its website as it was forced to deal with pent up demand for homes following the chancellor Rishi Sunak’s decision to cut stamp duty until 31 March 2021, in a bid to boost the struggling housing market which has taken a hit due to the coronavirus pandemic.
Homemover momentum has been building ever since the secretary of state for housing, communities and local government, Robert Jenrick, reopened the housing market on 13 May.
But yesterday proved to be one of the busiest post-lockdown days, based on the number of visits to Rightmove and the amount of time people are spent on the website.
During the first half an hour of the chancellor’s announcement relating to the stamp duty holiday yesterday, traffic to Rightmove jumped by 22%.
Here are the average savings by region in England:
|
Region
|
Avg asking price June 20
|
Stamp duty saving
|
|
North East
|
£157,291
|
£646
|
|
Yorkshire and The Humber
|
£202,502
|
£1,550
|
|
North West
|
£206,909
|
£1,638
|
|
East Midlands
|
£236,110
|
£2,222
|
|
West Midlands
|
£238,123
|
£2,262
|
|
South West
|
£321,996
|
£6,100
|
|
East of England
|
£363,066
|
£8,153
|
|
South East
|
£419,595
|
£10,980
|
|
London
|
£628,284
|
£15,000
|
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