Rishi Sunak’s Budget 2021 stamp duty and mortgage support announcements on Wednesday prompted one of the busiest days ever for both estate agency and property portal websites as millions of buyers rushed to search for property.
The stamp duty holiday has now been extended from March 31st to June 30th for the portion of a property’s value up to £500,00 and then to the end of September for up to £250,000.
The mortgage support package guarantees a slice of a property’s mortgage for first time buyers if they can save up a 5% deposit and secure them a 95% LTV mortgage.
Rightmove says Wednesday was it’s busiest day ever for traffic with over nine million people piling in to search for property, 6% higher than its last record day, which was Sunak’s previous budget announcement on 8th July 2020.
Rightmove’s Tim Bannister (pictured) says: “It’s clear from our record-breaking traffic numbers that the Spring Budget has introduced buyers into the market who were not perhaps able to consider moving until now or who were waiting to hear what was going to happen to stamp duty.”
But agents have also seen record visits to their websites. Winkworth says it saw a 15 per cent surge in traffic to its website after the Budget announcements on the stamp duty holiday extension and the mortgage guarantee scheme.
Dominic Agace, its chief executive, says: “We saw an immediate spike in activity compared to before the Budget and the same period last week. “Talking to our offices, some noticed a surge of interest when the stories on stamp duty and 95 per cent mortgages emerged over the past week or so.
“The stamp duty holiday extension will take the pressure off those battling to beat the deadline and the mortgage guarantee scheme is a great boost to buyers and sellers in London, particularly in a sector of the market which has struggled due to lower mortgage availability.”
Winkworth says there are 388,000 visits to it website every month on average, and 4.6 million visit during 2020.