Deputy Gavin St Pier subsequently asked how many properties have taken advantage of the relief since its introduction. 

In response, the President of Policy and Resouces, Deputy Lyndon Trott said: 

“Since the introduction of a time limited scheme to reduce Document Duty to incentivise ‘down-sizing’ on 2nd November 2022, 45 transactions have benefited from the policy, with a combined exemption of £478,675.64. 

“...37 transactions received the maximum saving relief of £10,875 as the realty values exceeded £400,000.  

“In accordance with the 2023 Budget, the scheme is time limited and is due to expire on 31st December 2024. An evaluation of the current policy will take place as part of the development of the 2025 Budget.” 

Deputy St Pier said it was interesting to see the impact of the policy change “so far”. 

“When it was announced, there were no estimates given of the anticipated number of property purchases and associated stamp duty saving that would benefit from this exemption, so the statistics can’t be judged as a success or failure against expectations,” he said. 

“It will be interesting to see P&R’s policy analysis of the impact and their recommendations for the downsizing exemptions continuance or not in the 2025 Budget.  

“Personally, I’d like to see some time and thought given to looking outside the island and thoroughly analysing the impact of shifting the stamp duty transaction cost from the buyer to the vendor as that might have a greater long-term beneficial market impact, particularly to enable first-time buyers to get a foot on the property ladder.”