Early upsizers

People are choosing to move home more quickly and it seems that it's a combination of lockdown and a stamp duty holiday that's acting as the catalyst.

August 2020

People are choosing to move home more quickly and it seems that it's a combination of lockdown and a stamp duty holiday that's acting as the catalyst.  In July 2019, one in five (20%) homes coming onto the market had been purchased within the previous five years. But in July this year, that figure rose to one in four (25%).

Generally these are sellers who had owned their home for a shorter period of time than someone selling at the same time last year. A quarter of homes coming onto the market since the stamp duty holiday was introduced had been bought within the last five years and just under four in ten during the last decade. Typically they're people moving out of their first or second home who have yet to build up significant amounts of equity and for whom stamp duty still represents a big barrier.

Our analysis shows that the biggest uplift in sellers who had bought within the last five years were those who had been living in Southern England.   This is where some of the biggest stamp duty holiday gains are to be found.  On average sellers here were asking nearly 10% less for their home than someone who’d owned it for longer, a reflection of what they’re selling, how long they’ve owned it for and their desire to upsize.