Stamp duty holiday extension prompts surge in holiday let enquiries

8 March 2021 | General

Holiday and luxury property provider cottages.com has seen an 35% increase in enquiries from those considering investing in holiday lets this week, with year-on-year enquiries up 70%.

Investors looking to make the most of the staycation boom have likely been spurred on by the Chancellor’s decision to extend the stamp duty holiday.

Shelley D’Arcy, vice president of property recruitment at cottages.com, said: “January and February are always busy months when it comes to recruiting new properties, but I’ve never seen interest like this

“New property listings are already up 45% on where they were last year – itself a record recruitment year, while visits to our website lettings page are up 86% over the same period.

“Second homeowners can see the opportunity for great returns both now and in the future as more and more people get used to taking their holidays closer to home post-pandemic and enjoying what’s on offer on their doorstep.”

The extension means investors who purchase a holiday let costing between £125,001 and £250,000 will pay 3% in stamp duty – a 2% saving as long as it completes before June 30 – while those who purchase a holiday let costing £250,001 to £500,000 will save 5%.

First-time holiday letters have made up around 70% of new listings for cottages.com so far this year.

This post has originally been featured in Property Wire.