"It’s high time the government reviews the relevance of stamp duty in today’s market as it presents a significant barrier for homebuyers."
- Tim Simmons, Sales & Marketing Director at Regency Living
As of the 1st April 2025, stamp duty relief thresholds will revert back to previous levels, resulting in buyers completing from this date onwards experiencing an increase in the cost of purchasing a property. Therefore, it comes as no surprise that 44% of those surveyed by Regency Living said they were ‘very motivated’ to beat the deadline – 38% also ranked it highly in terms of priorities.
11% said they’re offering significantly more than the asking price of properties to secure one; 57% offered slightly more to entice sellers. However, whilst this willingness to pay more may help stimulate the market in the short term, there’s a heightened degree of market instability that could unfold after the deadline.
Notably, 39% of those surveyed stated that should they miss the deadline, they would need to lower the offers they’re currently making on properties. 22% said they’d need to re-evaluate their current mortgage offer to borrow more, whilst 26% went as far as to say they would need to start over and look for homes at a lower price point.
“The Stamp Duty Land Tax (SDLT) adjustments approaching in March 2025 are proving to be significant motivators for house hunters in the market as we close out the year. So much so that many are prepared to offer above the asking price simply to secure a purchase. As a result, we’re not only in for a very busy end to 2024, but 2025 looks set to bring much of the same,” explained Tim Simmons, Sales & Marketing Director at Regency Living.
“We’ve seen how a stamp duty deadline can negatively impact the market and we’re likely to see more of the same this time around. Not only does heightened demand inflate house prices significantly, but the sales that fail to complete before the deadline are at risk of collapse, or at best, face delays as buyers re-establish their position in the market,” he concluded.
