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Stamp Duty Holiday Boosts Northern Counties Property Market

Property consultancy Galbraith reports that sales in the North of England have been buoyant since the market reopened in May, with the Chancellor’s stamp duty changes proving an additional incentive for purchasers to act. 

New instructions in the region have recovered to above pre-Covid levels – indeed they are now higher than at any point in 2020. Properties with a sale agreed are also at their highest level since 1 January.

Sam Gibson, head of agency for Galbraith in Northern England, said:

There is sustained sales activity across all property price bands, from £200,000 to £2million, with motivated buyers acting quickly to secure their new home. It is heartening to note that the disruption caused by the lockdown has not dented the confidence of buyers. The number of people registering with us for property alerts is rising month on month. 

The additional incentive of the change in stamp duty has proved exceptionally welcome and is encouraging some purchasers to bring forward their planned move to take advantage of the current discount. 

It is also clear that rural property has been very much in demand since the period of lockdown with many city-dwellers now considering a move to the countryside, particularly in light of increased home-working. 

Cumbria and Northumberland offer the ideal combination of beautiful landscapes, dramatic coastlines, attractive architecture and the convenience of easy proximity to dynamic cities such as Newcastle, Gateshead, Durham and Middlesbrough. We have an increasing number of buyers from London and the South East, and also people from Bristol, Manchester and Edinburgh relocating to enjoy the benefits of life in the northern counties.

The temporary changes to the Stamp Duty Land Tax mean that properties priced up to £500,000 are currently exempt from SDLT for transactions completed by 31 March 2021. This represents a saving of £15,000. Higher priced properties are not exempt from SDLT but the rates have been reduced.

Galbraith operates across Scotland and the North of England, from the Lake District in the West to Tyne & Wear in the East, advising on rural property, land and farm sales.

Galbraith handles the sale of residential property worth £51.7m on average per quarter.