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Senior industry leaders reveal turbulence caused by Stamp Duty holiday

Leaders of Andrews and LRG say Sunak's zero-rated scheme for homes under £500k has led to huge fluctuations in the housing market.

Nigel Lewis

andrews stamp duty

Leading estate agency Andrews says the Stamp Duty holiday has lead to half of all properties listed since the stamp duty holiday extension was announced being sold within four weeks.

The company says this is because buyers have been quick to make offers since the extension was announced on 3rd March in a bid to complete prior to the June 31st cut-off date.

But the frenzy currently being experienced within the housing market is also down to a lack of supply, the company says, as buyers experience a ‘fear of missing out’ when they find their ideal home.

Andrews says its 50-branch network has experienced a month-on-month 26% drop in instructions during April which it says has been created by the huge rush to sell the month prematurely thing out the sales pipeline.

“Unlike the British weather, the market is super-hot right now,” says David Westgate (pictured), Group Chief Executive the Andrews Property Group.

“We can’t take on new instructions fast enough to meet the demand at the moment, and the lack of new stock, particularly houses with outside space, is frustrating highly motivated buyers.”

But competitor the Leaders Romans Group says it expects a late surge in those moving to exchange during June as thousands of transactions scramble to beat the revised deadline.

“In addition, our pipeline of sales is at a record level and therefore we expect that completions in Q3 will also hold up, despite the end of the Stamp Duty holiday,” says its Group Managing Director Kevin Shaw (pictured).

May 25, 2021

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