The end of the stamp duty holiday means landlords will have to pay more for almost all properties from today.
They have had to pay the three per cent additional homes surcharge throughout the holiday anyway, but an analysis from Rightmove suggests that the ‘whole market’ levels of stamp duty will now apply to 91 per cent of all homes on the sales market.
The portal says just nine per cent of properties for sale in England listed on its website have asking prices of £125,000 or less – and would therefore be exempt from stamp duty, except for the additional homes surcharge.
The ‘nil rate’ stamp duty band reverts today, when properties bought for up to £125,000 will attract no duty.
The zero rate threshold was temporarily raised to £500,000 in July last year and then lowered to £250,000 in July this year, to help the sales market recover from the pandemic.
Rightmove says some 52 per cent of properties in England are priced at £300,000 or less and could therefore be exempt from stamp duty for first-time buyers - a concession that does not apply to landlord purchases.
Since the stamp duty holiday was announced in July 2020, average asking prices have increased by just under £10,000 across Britain for first-time buyers.
Rightmove has updated its regional average asking prices today, with the change indicated since the stamp duty holiday started in July 2020.
– South West, £353,213 (up 10.3%);
– East of England, £395,983 (up 9.1%);
– North West, £227,441 (up 9.2%);
– Yorkshire and the Humber, £219,116 (up 7.4%);
– East Midlands, £264,554 (up 10.9%);
– West Midlands, £260,706 (up 8.7%);
– South East, £453,551 (up 8.3%);
– North East, £165,628 (up 5.4%);
– London, £638,285 (down 0.6%).
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LL’s don’t have to buy and very wise not to. Fiddling around with Stamp Duty distorting the whole market. I never thought of it as a holiday was it Mr G Osborne double it, then they reduced back temporarily and called a holiday it wasn’t it was a scam. So instead of saving the buyers £10k or whatever percentage, it caused the property price to increase by £10k, same difference no saving but probably now stuck with an over priced property. Similar to enterprise zones in the past the customer didn’t benefit from incentives it added to the price.
Why is it always the average property price ? they have enough computers & technology to split hairs not alone split House prices from Flats, can we not have average Flat prices separately instead of lumping everything in together, or better still average different categories separately .
I think the SDLT 'holiday' has done more damage than good. People have overpaid more than they saved and those who needed to move (eg for work) have been caught in this stupid market. I have read that many people who moved in the last year either think they have over paid or regret moving; first time buyers have watched prices go even more out of reach as their savings are effectively reduced by inflation and HMRC has lost revenue. Who are the winners? Well perhaps LLs who took the opportunity to leave the market!
The only people that gained by the stamp duty holiday were sellers.
The costs and any benefits from this market tampering is probably impossible to calculate.
It would have made for more sense to use the money to build social housing, creating jobs and lowering the demand on the private sector, instead of distortion of the market.
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