Many plan to continue house hunting over Christmas
A vast majority of UK homebuyers plan to continue their property search through the Christmas period, aiming to complete purchases before the current stamp duty relief thresholds expire in spring 2025, a new survey by property group Lomond has revealed.
The research shows that 93% of surveyed buyers hope to finalise their transactions by March 31, 2025 with the thresholds set to revert on April 1. The findings indicate that the looming deadline is a key motivator, driving urgency among buyers despite the typically slower holiday season.
According to the survey, 82% of respondents plan to continue house hunting up to Christmas, while 74% say they will also search between Christmas and New Year. Many buyers are not limiting their efforts to online property searches, with respondents prepared to attend viewings, make offers, negotiate, and work with solicitors over the festive period.
The potential for stamp duty savings appears to be driving this determination. Lomond found that 71% of buyers said they would have delayed their plans until the New Year if the government had extended the current stamp duty relief thresholds in the Autumn Budget.
Ed Phillips (pictured), chief executive of Lomond, said the upcoming Stamp Duty Land Tax changes are having a significant impact on buyer behaviour.
“The adjustments approaching in March 2024 are proving to be strong motivators for house hunters as we close out the year,” Phillips said. “So much so that many are prepared to pursue their plans to purchase right up to, and over, the Christmas period.
“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.”
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