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10% of wealthy buyers want discounts if they miss SDLT deadline

10% of wealthy buyers want discounts if they miss SDLT deadline

One in 10 buyers say they will seek to renegotiate on the price of their chosen home if they miss the next stamp duty deadline – and five per cent may pull out of the deal.

The data, from a Savills survey of around 750 buyers, adds that some 71 per cent of those currently mid-purchase have no expectation of completing ahead of the June 30 deadline.

Savills claims this means a potential stamp duty saving was not factored into their decision-making process.

A vast majority – 85 per cent- of those still hoping to complete in time said that failure to do so would not affect their transaction in any way, rising to 90 per cent amongst those buying above £1m.

“Lifestyle choices made during lockdown, or brought forward as a result of the experience of lockdown, have almost totally dominated decision-making in the prime market over the past year and look set to do so over coming months” says Frances Clacy, Savills’ research analyst.

She continues: “Buyer and seller commitment to moving over the coming year remains strong although slightly lower than in June 2020 when the market reopened after the first lockdown.

“The stamp duty holiday was announced in July, and while it may have brought forward some transactions, this survey tells us that it has not been the major motivator amongst equity rich home movers in the prime market.”

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