Over 500,000 homebuyers in England are set to benefit from the stamp duty holiday to the tune of £3.4 billion, according to the latest research.
Comparison website GetAgent has analysed Land Registry transaction data to see how the market has already performed between the launch of the stamp duty holiday and the original deadline of March 31.
The site then also estimated what the continued impact will look like by the time the clock does finally expire on the initiative, which tapers to a close on September 30.
Data suggests that since the introduction of the stamp duty holiday, an average of 1,508 homes have been sold each day. And of the 539,972 transactions forecast to complete between July 8 and the latest deadline extension of June 30, 84 per cent will pay no stamp duty at all, with the total market saving expected to hit nearly £3.2bn.
In addition, a further 138,764 homes are expected to sell between the additional deadline extension of July 1 to September 30 this year.
Despite the stamp duty free threshold being reduced from £500,000 to £250,000, it’s estimated that 45% of all transactions will still remain stamp duty exempt with a further saving of £250,006,781.
In total, the stamp duty holiday in its entirety looks set to see an estimated 76 per cent of all homebuyers pay no stamp duty whatsoever, with the total saving hitting over £3.4 billion.
GetAgent chief executive Colby Short says: “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. However, there’s also no doubt that a great deal of homebuyers have benefitted and many more will continue to do so.”