Housing market boom built on sand.
Stamp duty cliff edge saw property purchases plunge 63% last month from an all-time high in June
Source DM
- UK property transactions dropped almost two thirds between June and July
- Stamp duty break which incentivised buyers with £15k saving ended on 30 June
- HMRC says “Clearly, the drop was expected but noticeable”
- House price increases of around £30,000 eclipsed the tax saving for many
The stamp duty holiday allowed buyers to save £15,000, as they were not required to pay stamp duty on the portion of any property purchase under £500,000.
This ended on 1 July when the nil-rate band was reduced to £250,000, meaning a maximum saving of just £2,500 which will last until 30 September.
We hear you.
It’s time to be proactive and reactive.
“The tax break had a powerful psychological impact”
But what now for the Estate Agents and Mortgage lenders psychological welfare ?
View it this way.
As an Estate Agent, can you relate to a shrinkage in sales since the UK stamp duty moratorium finished ?
Ring a bell ?
With the predicted 60% Smartphone business growth in the next 60 months.
Some innovation is required, an open mind and bespoke low risk investment to attract business from an entirely new and neglected marketplace.
We hear you, you are an Estate Agent and its getting increasingly difficult to maintain sales.
Talk to a Partner to grasp the proven changes in the property marketplace.
