Rightmove recorded its busiest day ever during the Budget

·2-min read

Property website Rightmove recorded its busiest day ever during Wednesday’s Budget.

Visits to the website surpassed nine million for the first time as a stamp duty extension was confirmed and information about a new 5% deposit mortgage scheme was set out by the Government.

Inquiries to estate agents were 82% higher than on the same day in 2020, Rightmove said.

Currently the average time for a seller to find a buyer is 65 days, and Rightmove estimates it is currently taking a further 126 days to go through the legal process to completion.

It said that based on this estimate sellers should be looking to come to the market by March 23 if they want to make sure their buyers can make use of the tapering end to the stamp duty holiday by the end of September.

Rightmove’s director of property data Tim Bannister said: “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.

“The stamp duty holiday extension, coupled with the introduction of 5% deposits, has given many people the certainty they have been looking for to press ahead with their home-moving plans.

“We expect this to help spring market activity and could encourage more sellers to come to market, especially in the areas where property prices are lower.

“Many people who may have been delaying a move for a whole multitude of reasons now have the impetus and encouragement to take their next life step, whether it’s getting a foot on the property ladder as a first-time buyer or trading up for more space and a bigger garden.”