It’s a mad dash for first-time buyers as they race to beat the looming stamp duty deadline next April.
Rightmove reports a surge in demand from eager buyers aiming to dodge the higher charges set to kick in when the stamp duty exemption threshold drops from £425,000 to £300,000.
In the bustling streets of London, only a mere 8% of homes will remain stamp-duty free for first-time buyers come April. The South East and East of England aren’t faring much better, with only 24% and 32% of homes, respectively, escaping the stamp duty net. This has sparked a frenzy, with first-time buyer demand in London jumping from 28% to 31% ahead of last year since the Autumn Budget announcement.
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The clock is ticking, and with the average property transaction taking 151 days, buyers need to act swiftly to secure their dream homes before the April deadline. Tim Bannister from Rightmove notes that while higher-priced areas are seeing a rush, regions with more affordable homes are witnessing a pause as buyers reassess their options in light of the Budget’s lack of support.
But fear not! The anticipated second Bank Rate cut in 2025 might just sprinkle some optimism and affordability back into the market. So, whether you’re a buyer, seller, or agent, it’s time to gear up and navigate this exciting, albeit challenging, property landscape. Ready, set, buy!
Want to hear more? Join Mal on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here.
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