News

Stamp Duty Holiday sparked a sharp increase in home viewings after lockdown

In the past few months the housing market has seen home viewings rise substantially following the stamp duty holiday announced by the Government back in July, according to data from property group Andrews.

Viewings were up 29% compared to the prior months after lockdown restrictions eased, with viewings up 45% as buyers took advantage of the stamp duty holiday. Now buyers can take advantage of the increase in the stamp duty threshold, which has been increased to £500,000. The UK saw nearly 6,000 viewings in July compared to just 20 in April, with a third of those viewings still carried out virtually in order to adhere to social distancing measures.

Offers accepted by sellers were up 12% last month while instructions rose by more than a fifth (22%) in July versus June. Valuations were also up a third (33%) in July as well, with 879 carried out that month alone, versus only eight in April of this year.

This is good news for the housing market and for borrowers as the sharp increase in home viewings and accepted offers points to a good chance of recovery. All of this makes the possibility of lenders offering better rates and deals likely.

Buyers can take advantage of the stamp tax holiday through March 2021 on properties up to £500,000. You can find out what your stamp duty would be using MoneyServiceAdvice.co.uk’s Stamp Duty Calculator.

Contact us today to find out if you could save money on a better mortgage deal.