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Sunak’s Stamp Duty holiday revives vendor activity

Zoopla says its internal data shows that while sales leads recovered weeks ago, it has taken Rishi Sunak's intervention to stimulate vendor activity.

Nigel Lewis

vendors

Vendors have been slower to return to the market than buyers following the COVID lockdown but the Chancellor’s Stamp Duty holiday until 31st March has fixed that, says Zoopla.

The portal’s buyer and vendor leads are both now beating pre-COVID levels of activity, both having increased during the week following Rishi Sunak’s announcement on 8th July during his most recent budget.

Zoopla says that while buyers have long since re-engaged with the sales process, vendors had been more reluctant to proceed.

But during the week that followed the announcement of Stamp Duty relief, vendor leads delivered to agents by Zoopla climbed 14.5%, demonstrating a marked step change in sentiment.

This suggests that while people have been keen to get out and start viewing properties and think about their next home, more are now committing to a move and beginning to seek out an agent to sell their home too.

Sales leads – i.e. alerts – have continued on a steady upward trajectory since the market reopened and are currently 51% above pre-COVID values and 131% higher than compared to the height of the market lockdown.

nikki coleNikki Cole, Sales Director, Zoopla, commented: “It’s been clear from the outset that supply needs to keep pace with demand in order for agents to reap the full rewards of the post-lockdown momentum.

“Buyer demand came back stronger than ever, quickly outpacing pre-COVID levels, once the market reopened. By contrast, vendors were more hesitant, eagle-eyed and cautious about the residual uncertainty left in COVID’s wake.

Read more about Zoopla.

July 24, 2020

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