Stamp Duty extension set to save home buyers in the South East over quarter of a billion pounds – more than anywhere else in the country
9th March 2021
-
Average homebuyer in the region set to save nearly £6,000
-
46,000 home buyers who have already agreed a sale set to benefit from £271m in savings
-
Zoopla says ‘now is the time to agree a sale’ for homeowners still looking to benefit
Research from Zoopla, the UK’s most comprehensive property destination, has revealed the extension to the stamp duty holiday will offer a massive boost to home buyers in the South East, saving purchasers in the region a combined £271m*, more than any other region in England.
Last week’s announcement was great news for homebuyers as property purchase tax on homes will continue to be suspended on the first £500,000 of all sales in England and Northern Ireland until the end of June. After this date, a stamp duty holiday will continue on the first £250,000 of any home sale completed before the end of September. The threshold will then return to £125,000, as it was before the Chancellor introduced the popular ‘stamp duty holiday’ which was aimed at stimulating the housing market
And it certainly did so in the South East, where there are currently 46,000 homes sold subject to contract - more than any other region in the country. The huge £271m savings reflect the combined effect of so many homes being sold and the high average value of homes in the region, which currently stands at £343,900.
The stamp duty holiday ensures the average home buyer in the region will enjoy an estimated saving of £5,900** on the purchase of their new home, a very tidy sum indeed.
At a national level the stamp duty holiday is set to benefit 234,500 homebuyers who have already agreed a sale subject to contract, saving them a total of £987m. This means well over a quarter of all financial savings nationally will be going to those in the South East.
Grainne Gilmore, Head of Research, Zoopla, said: “The Chancellor’s extension of the stamp duty holiday is great news for all buyers who agreed a sale over the last two months with little or no expectation of completing their purchase in time to make the savings. Tens of thousands of buyers currently in the process of agreeing a sale may also benefit from the full savings of up to £15.000.
“We estimate that a further 280,000 buyers active in the market up to the end of May will benefit from savings of up to £2,500 as a result of the Chancellors ‘tapered’ extension, as long as they complete their purchase by the end of September. So now may be the time to act if you’re thinking about your next home and want to take full advantage of the stamp duty holiday.”
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 06074771
VAT Registration number: 191 2231 33
Data Protection number: Z9972266