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SDLT change to have limited impact as new buyer interest drops further

The UK housing market continued to display a lack of momentum in December, with buyer interest edging lower, according to RICS.

Changes to Stamp Duty for first time buyers are having little immediate effect, according to its December 2017 Residential Market Survey, which reported that in December, activity in the UK housing market continued to drop.

After new buyer enquiries came close to stabilising in November, 15% more respondents noted a decline in demand (as opposed to an increase) in the month of December. Furthermore, when contributors were asked whether they have seen an increase in first time buyer enquiries following changes to Stamp Duty in the Autumn Budget, an overwhelming majority of 86% across the UK as whole said they hadn’t. 

While this could be in part due to the time of year, respondents were also asked to consider the likely impact on the market over the coming months. Nationally, the majority of respondents (66%) anticipated the change having little consequence, whilst 12% felt it would result in higher overall activity. In London, however, 48% envisaged not much response but a higher proportion of respondents compared to the national figure (28%) did say the changes would increase overall market activity.

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