SDLT deadline drove 89% increase in sales but agents can't afford to rest now it's ended
The nation's estate agents are being warned to brace for a busy year of property market activity, as the latest market analysis by GetAgent.co.uk, has revealed that transaction levels in March hit their highest monthly total since June 2021.
While much of this activity was likely fuelled by the stamp duty deadline, market momentum is expected to continue into the summer months. GetAgent saw an increase in vendors expressing interest through the platform, registering a 37% annual increase in vendor referrals during Q1 of this year, while valuation referrals, meaning vendors who go on to book valuations with the agents of their choice, were also up 51% versus Q1 2024.
GetAgent analysed Gov data on the number of residential transactions completing across England in the run up to the stamp duty deadline and how this level of market activity compares historically to the last five years.
The analysis of provisional figures show that some 149,660 sales completed across England in March alone, marking an 89% increase on the previous month and up 114% when compared to January.
BIG MONTHLY INCREASE
This is by far the highest monthly increase in sales completions seen over the last five years, with the exception of one month.
In June 2021, as the first leg of the pandemic stamp duty holiday was coming to a close, the number of sales completing soared by a huge 120% versus the previous month, hitting a total of 191,300.
A similar surge in market activity was then seen when the second phase on the pandemic stamp duty holiday came to a close in September of the same year, with 146,610 transactions completing in the month of September, up 69% versus the previous month.
However, both of these market spikes were followed by an immediate lull, with transactions falling by 69% in the July of 2021 following the first SDLT holiday deadline and by 54% in October 2021 following the second deadline.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
"It's no surprise that the recent stamp duty deadline drove an increase in monthly sales volumes, as homebuyers scrambled to complete after what was relatively short notice from the government.
But despite previous trends of market decline following past SDLT deadlines, the current momentum appears set to continue. Our Client Services team speaks to thousands of vendors each week, and the sentiment is clear: sellers remain motivated and confident in the market, even now the deadline has passed.
37% Increase
In Q1 alone, we saw a 37% spike in vendor referrals, whilst valuation referrals were up by 51% versus this time last year which demonstrates that demand is alive and well.
It's a strong sign that momentum in the market isn't just holding, it's building. While the stamp duty saving was a motivator for some, we're seeing signs that the market is set to go from strength to strength as we move into the summer months."
