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New-build sales drop 40 per cent in March

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  • 30/04/2020
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New-build sales drop 40 per cent in March
The number of new-builds registered declined by 39 per cent year-on-year in March, Land Registry data for the month has shown.

During the month 8,019 of the properties registered in England and Wales were newly built, down from 11,918 in February.

Overall, 54,785 sales were received for registration.

These figures are down from the 78,243 property sales registered in February and the 95,982 registered in January. 

The number of freehold properties registered with the Land Registry dropped 38 per cent in the month.

Of the registrations received in March, only around 5,514 of the sales took place in that month, according to the data.

But Land Registry added that due to the impact of the coronavirus on its services the figures may not be an accurate representation of sales completed. 

 

Stamp Duty receipts rise 

HMRC collected £1.8bn in residential Stamp Duty Land Tax receipts in the first quarter of the year, a six per cent increase on the year before, latest statistics show. 

In Q1 2020, 67 per cent of residential transactions were liable for stamp duty, two per cent higher than for Q1 2019. 

Furthermore, there were 219,400 residential stamp duty transactions in the first quarter of the year, a two per cent decline on the 224,900 completed in the first quarter last year. 

The proportion of residential transactions which claimed First Time Buyers Relief remained static year-on-year at 21 per cent, accounting for 46,200 of transactions in the first quarter of 2020. Of these 35,400 were non-liable and paid no stamp duty tax. 

Residential receipts accounted for 72 per cent of the total quarterly receipts, higher than the 65 per cent reported for Q1 last year. HMRC suggested this was down to a “large reduction” in non-residential transactions.  

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