Busiest ever day as buyers rush to make use of stamp duty holiday & 5% deposits
- Budget day was Rightmove’s busiest day ever with visits surpassing 9 million for the first time, and 6% higher than on summer statement day on 8th July last year
- The combination of the stamp duty extension and introduction of 5% mortgage scheme saw new buyers flock to contact estate agents, up 82% on the same day in 2020
- New analysis estimates sellers should aim to come to market by Tuesday 23rd March if they want to make use of the £250,000 nil rate stamp duty band by end of September
- In some areas of the north 99% of properties are up for sale for £250,000 or less, compared to just 5% of properties in London available for £250,000 or less
- A record was also hit in Rightmove’s commercial section on Wednesday, with over 145,000 visits from people looking for a new commercial space for their business
The announcement of an extension and tapered ending to the stamp duty holiday and the introduction of 5% deposits has led to Rightmove recording its busiest day ever.
The busiest day last year was on 8th July when the stamp duty holiday was first announced, though this had recently been overtaken on Wednesday 17th February when visits were just over 8.5 million.
Yesterday, visits surpassed 9 million for the first time, and home-hunters spent a record 71 million minutes on the Rightmove website.
There was a rush of new buyers coming into the market and sending enquiries to estate agents, 82% higher than on the same day in 2020.
Currently the average time for a seller to find a buyer is 65 days nationally, and we estimate it is currently taking a further 126 days to go through the legal process to completion. Based on this, sellers should be looking to come to market by Tuesday 23rd March if they want to make sure their buyers can make use of the tapering end to the stamp duty holiday by the end of September.
Rightmove’s data analysts have also found that in 12 areas of the north, at least 99% of properties are up for sale for £250,000 or less, compared to just 5% of properties in London available for £250,000 or less.
A record was also hit on Wednesday in Rightmove’s commercial section, with over 145,000 visits from people looking for a new commercial space for their business.
Rightmove’s Director of Property Data Tim Bannister said: “It’s clear from our record-breaking traffic numbers that the Spring Budget has introduced buyers into the market who were not perhaps able to consider moving until now or who were waiting to hear what was going to happen to stamp duty. The stamp duty holiday extension, coupled with the introduction of 5% deposits, has given many people the certainty they have been looking for to press ahead with their home-moving plans. We expect this to help spring market activity and could encourage more sellers to come to market especially in the areas where property prices are lower. Many people who may have been delaying a move for a whole multitude of reasons now have the impetus and encouragement to take their next life step – whether it’s getting a foot on the property ladder as a first-time buyer or trading up for more space and a bigger garden.”
Areas in England where there are at least 99% of properties up for sale at £250,000 or less
|Location||Area||Avg asking price||% of properties up for sale for £250,000 or less|
|Walker||Newcastle upon Tyne||£115,940||100%|
Notes to editor
Areas where at least 99% of properties are £250,000 or below is based on areas with at least 100 properties up for sale on Rightmove.
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