The housing market is the hottest personal finance topic, which makes sense following the UK Government’s announcement of a ‘stamp duty holiday’ last year. That’s why it’s no wonder that ‘stamp duty’ topped the financial terms list!
Searches increased by a whopping 160% in 2021. According to our findings, there were 1,432,000 searches for ‘stamp duty’ in 2021 compared to 551,500 in 2020.
If you are reading this and are now frantically looking up ‘stamp duty holiday’ in another tab, unfortunately, it’s already ended – but despite finishing some months ago, the number of searches still shows heightened interest in the term.
In second place, we have ‘exchange of contracts’. This term saw a 78% increase from 2020, with the number of searches increasing from 13,500 to 24,000.
The third most searched for financial term, ‘credit score’, increased by 76%. That would make sense, as research shows 49% of UK adults have never accessed their credit report, despite it being key to whether or not they can borrow from lenders.
Completing the top five are ‘limited liability’, which increased by 73%, and ‘quarterly statements’ (67% increase).
Now, what are the more specific questions that people are asking? We found the most popular questions were focused on housing purchases and setting up a business.
The number one most asked question is ‘what is corporation tax?’, which has 80,500 searches in comparison to 21,700 in 2020. This is a huge 271% increase.
The Federation for Small Businesses estimated the average SME owner spends 70 hours per month on tasks like tax returns and reliefs, which could explain why the question is so popular.
In second place is ‘what is cost of sales?’, which increased by 150% and, again, is an important answer to know for those setting up their own businesses.
In fourth and fifth places are ‘what is exchange of contracts’? which increased by 139%, and ‘what is stamp duty’, which rose by 124%. This is unsurprising, as both topics – associated with housing – feature heavily in the most searched for terms overall too.