As a result of the upcoming stamp duty deadline, many buyers and sellers are highly motivated to complete transactions within the timeframe, meaning an increase in properties on the market.
The property market is currently enjoying an increased rate of listings due to the up-and-coming stamp duty changes effective from 1st April. According to the Royal Institution of Chartered Surveyors (RICS), for six months consecutively there has been a rise in property sales and listings, as buyers and sellers look to finalise transactions before the new stamp duty rates take effect.
The standard stamp duty threshold will revert to previous levels from April, with a 2% tax on sales between £125,000 and £250,000, and less relief for first-time buyers. This change means that, from April, 83% of buyers will pay more stamp duty, up from 49% currently.
Sellers are strongly urged to list their homes right now to take advantage of the increased activity in the property market driven by the upcoming stamp duty changes. Buyers are currently highly motivated to complete transactions before the deadline to benefit from the lower stamp duty rates currently in effect, ultimately creating a surge in property demand.
This intensified competition among buyers can lead to faster sales and potentially higher offers, as buyers aim to secure properties ahead of the tax changes. Delaying until closer to the deadline could risk a slowdown in the market, as more completed transactions mean reduced demand overall.
By listing now, sellers can maximise exposure during this period of heightened buyer interest, ensuring they capitalise on the urgency many buyers feel.
