Nick Leeming, Chairman of Jackson-Stops, comments on the latest HMRC Quarterly SDLT Statistics:
“There is no doubt on the impetus that the Government’s Stamp Duty Land Tax (SDLT) holiday has provided for many to take the decision to move in the second half of this year. Receipts for residential transactions in Q3 were 72% higher than in Q2, although 18% lower than September 2019. It’s important to note that this uplift will not include the vast majority of transactions in which buyers will have paid no SDLT at all on their purchase. However today’s data does indicate that a vast number of home buyers could have made savings when purchasing their next home, with Government’s income from SDLT falling by over 40%.
“With transactions taking an average of three months across the UK, we are only just starting to see the impact of the Government policy in official data.
“While buyers have also been incentivised to move due to lifestyle changes post-lockdown, we know that demand for these buyers can only last so long. The Government’s SDLT holiday has been critical in keeping the economy moving throughout some of the toughest conditions this country has ever experienced, making it possible for people to move who otherwise wouldn’t be able to afford to at this time.
“The Chancellor can maintain momentum in the market by either extending the policy or by providing relief for buyers elsewhere. I urge him to consider the positive impact this policy has had to date and to take action in March 2021 to keep the market moving.”
HMRC Quarterly Stamp Duty statistics, Q3
- Residential property transactions for Stamp Duty Land Tax (SDLT) in Q3 2020 were 72% higher than in Q2 2020 and 18% lower than in Q3 2019
- Residential property receipts in Q3 2020 were 24% higher than in Q2 2020 and 43% lower than in Q3 2019
