Stamp Duty Changes Having a ‘Positive’ Impact on Property Market Confidence
Published by Magnate Assets on
Feb 22, 2023
Stamp duty transactions increased by 10% in Q3 2022 compared to the previous quarter, according to HM Revenue & Customs, while receipts rose by 11%.
The hike in transactions in the quarter follows consecutive falls in the previous three quarters but is 8% lower than in the third quarter of last year.
The data also reveals that stamp duty receipts in the third quarter were 11% higher than in the previous three months. Total stamp duty receipts in the third quarter were 29% higher than in the same period a year ago.
Nathan Emerson, Propertymark CEO, said: “These figures show how resilient the housing market has been throughout the summer despite the tightening cost-of-living pressures, and how important it is to the wider economy.
“Our member agents say the changes to the stamp duty threshold are already having a positive effect on the confidence of their buyers and sellers, after the hit it had taken because of sharp mortgage rate rises.
“While stamp duty changes tend to be aimed at first-time buyers, they can also incentivise right-sizers which in turn frees up homes for those wanting to move up the ladder. This will help to keep the market moving and that’s clearly going to be good news for the prime minister and chancellor ahead of their budget later this month.”