Stamp duty changes – Rightmove reaction and latest figures

July 9, 2020
Rightmove logo
  • There are over 510,000 properties that are under £500,000 on Rightmove in total, making up 81% of all properties for sale in England
  • Over 291,000 properties under £500,000 are currently available for sale on Rightmove, making up 78% of all properties available for sale in England (i.e. they have not yet found a buyer)
  • People enquiring about properties under £500,000 on Rightmove makes up 84% of all buyer enquiries in England
  • Rightmove recorded its busiest ever day for visits to the site yesterday (Tuesday 7th July), with 7.7 million visits

Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market. They will find there’s currently record demand for their properties from prospective buyers, with Rightmove enquiries to agents now double what they were before lockdown. Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”

Region Avg asking price June 20 Stamp duty saving
North East £157,291 £646
Yorkshire and The Humber £202,502 £1,550
North West £206,909 £1,638
East Midlands £236,110 £2,222
West Midlands £238,123 £2,262
South West £321,996 £6,100
East of England £363,066 £8,153
South East £419,595 £10,980
London £628,284 £15,000

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Guy Fawkes Night set to fizzle out for UK households

Firework Night set to fizzle out as 97% of UK households won’t buy fireworks and 7 in 10 want to see them banned As many as 97% of UK households won’t be buying fireworks to set off at home this Bonfire Night, while more than seven in 10 believe private fireworks displays in residential gardens…
Read More →
Breaking News

Budget tax raid could hit landlords for £3,500 a year

Budget tax raid could cost landlords almost £3,500 a year as property income tax rises Landlords could face almost £500 in additional annual tax per property, rising to nearly £3,500 across an average portfolio, following the Autumn Budget decision to double the previously planned increase in property income tax rates from April 2027. New analysis…
Read More →
Estate Agent Talk

Upfront information: homebuyers want confidence as much as speed

What movers want from upfront information, and it isn’t only speed Having a survey, legal pack and chain details before making an offer would help more than eight in ten respondents, according to LRG’s latest sales report Of the 553 who answered the question, 41% said they would offer with more confidence, although not necessarily…
Read More →
Estate Agents should not all look the same
Estate Agent Talk

How Financial Anxiety Drains Entrepreneurial Energy

Financial anxiety can consume the attention and stamina that business owners need for planning, problem-solving and leading a team. A late payment, an unexpected tax bill or a weak sales month may trigger worry long after working hours have ended. Over time, that mental strain affects sleep, concentration and confidence. The answer starts with creating…
Read More →
Letting Agent Talk

How to future-proof a rental property for changing tenant expectations

Over the past decade or so, tenants have become far more discerning. For more and more people, renting is a long-term prospect and today’s tenants expect their homes to be as safe and comfortable as any home they would own themselves. And as legislation around standards and health and safety in the private rented sector…
Read More →
Breaking News

More than a third of homes undergo price reduction

The latest research from GetAgent.co.uk has revealed that more than a third (34.4%) of homes sold subject to contract (SSTC) across Britain’s major cities have undergone an asking price reduction, with this figure climbing to more than half in Bournemouth, raising questions over whether sellers, and their agents, are pricing their properties realistically when first…
Read More →