In a rare moment of consensus, estate agents find themselves in agreement with Rightmove on the need to extend the current stamp duty relief thresholds.
According to a new market analysis by GetAgent.co.uk an overwhelming 86% of agents support the call for an extension.
Rightmove recently urged the government to provide a short extension to stamp duty relief to help buyers who are currently mid-transaction avoid unexpected tax increases.
While estate agents often clash with the property portal – particularly over its pricing policies – this time, they are aligned.
BEAT THE DEADLINE
With the 31st March deadline fast approaching, urgency among buyers has noticeably increased. According to GetAgent’s findings seven out of 10 (72%) estate agents report heightened pressure from buyers rushing to complete before the deadline.
While most buyers have budgeted for a potential stamp duty increase, 21% have not, leaving them financially vulnerable if they miss the cut-off.
MARKET FALLOUT
Despite concerns, estate agents remain cautiously optimistic with more than sic out of 10 (66%) expecting a rise in failed transactions, though more than half of these agents (51%) anticipate only a minor increase.
Sellers, however, remain largely unmoved – 57% of agents say sellers are unwilling to lower their asking prices to help buyers offset additional costs.
While 66% of agents predict a post-deadline dip in buyer demand, 45% believe it will be only a temporary adjustment.
WELL-BALANCED
Looking beyond the deadline, just under half (47% )of agents believe the market remains well-balanced between buyers and sellers.
Colby Short, Co-founder and CEO of GetAgent.co.uk, says: “With the final countdown underway, concerns over the stamp duty deadline are reaching fever pitch. While some buyers may face increased costs, the reality is that the impact will likely be limited to a small segment of the market.
“The key takeaway is that agents expect any disruption to be short-lived, and many still view the market as balanced rather than leaning heavily toward sellers.”
