The levels in 129Sn populated from the β− decay of 129In isomers were investigated at the ISOLDE facility of CERN using the newly commissioned ISOLDE Decay Station (IDS). The lowest 1/2+ state and the 3/2+ ground state in 129Sn are expected to have configurations dominated by the neutron s1/2 (l = 0) and d3/2 (l = 2) single-particle states, respectively. Consequently, these states should be connected by a somewhat slow l-forbidden M1 transition. Using fast-timing spectroscopy we have measured the half-life of the 1/2+ 315.3-keV state, T1/2 = 19(10) ps, which corresponds to a moderately fast M1 transition. Shell-model calculations using the CD-Bonn effective interaction, with standard effective charges and g factors, predict a 4-ns half-life for this level. We can reconcile the shell-model calculations to the measured T1/2 value by the renormalization of the M1 effective operator for neutron holes.