The vast majority of homebuyers are planning to house hunt right up until, and through, the Christmas period, in hopes of beating the spring stamp duty relief deadline, research from Lomand reveals.
Lomond commissioned a survey of current homebuyers on their plans to purchase and how the government’s failure to extend current stamp duty relief thresholds had impacted these plans.
The survey found that 93% were hopeful of completing their planned purchase by 31st March next year, with current stamp duty relief thresholds expiring the day after (1st April 2024).
Such is their hope of completing in time, that 82% plan to keep house hunting right up to Christmas, with 74% also prepared to carry on their search between Christmas and New Year.
STAMP DUTY SAVING
When asked how far they’re prepared to go, searching online listings for potential properties ranked top, followed by attending viewings, making offers and negotiating, progressing the sale via their solicitors and even moving house if needed.
It’s clear that the hope of a stamp duty saving is driving buyer intent, with 71% also stating that, had an extension been granted during the recent Autumn Budget, they wouldn’t be showing the same urgency and would have now put their plans to purchase on hold until the New Year.
MOTIVATORS
Ed Phillips, Lomand Chief Executive, says: “The Stamp Duty Land Tax 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 pursue their plans to purchase right up to, and over, the Christmas period.
“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.
“For those looking to sell, now is certainly the time to do so in order to take advantage of the influx of motivated buyers looking to make their move by spring.”
