Over 1,500 homes are being sold every day by agents at the moment which is up from 1,370 during the same period last year, latest research into the overheating property market.
Based on number crunching of Land Registry data by estate agency comparison website GetAgent, the property market research also estimates that over half a million home sales worth £3.4 billion will benefit from the Stamp Duty holiday when it begins to taper down from July 1st onwards.
It also says that of the 539,972 transactions forecasted to complete between 8th July 2020 and the initial deadline extension of 30th June this year, 84% will pay no stamp duty at all, with the total market saving expected to hit nearly £3.2bn.
And extending the deadline will have helped a further 138,764 homes sell between the additional deadline extension of 1st July and 30th September this year, when the holiday is finally phased out.
“The current Stamp Duty holiday may have its critics and there’s no doubt that it’s been a factor in creating the current market bottleneck that has seen many subject to long delays during the transaction process,” says Founder and CEO of GetAgent.co.uk, Colby Short (pictured).
“But there’s also no doubt that a great many homebuyers have benefitted and many more will continue to do so right up until the end of September.
“Even with the reduction of the Stamp Duty-free threshold from July 1st onwards, nearly half of all transactions will continue to pay no stamp duty at all, so we can expect the market madness to continue until this secondary deadline, at the very least.”