With the Stamp Duty Land Tax (SDLT) relief deadline looming, the vast majority of homebuyers are determined to press ahead with their search for a new property over the Christmas period.
According to new research from Lomond, a staggering 93% of homebuyers are aiming to complete their purchases by March 31st, 2024, just one day before the SDLT relief thresholds are set to expire.
The recent survey commissioned by Lomond reveals that many homebuyers are willing to continue their property hunt right through the holiday season to ensure they secure a deal before the relief ends.
This commitment is being driven by the prospect of saving on stamp duty, a key factor in the urgency of their plans.
The impact of the SDLT relief deadline is felt by many buyers
The study found that 82% of respondents intend to continue house hunting during Christmas, with 74% prepared to keep searching right through the festive period and even into the days between Christmas and New Year.
This eagerness to move quickly highlights the pressure felt by many buyers, as the deadline for SDLT relief approaches.
For many, the desire to take advantage of the stamp duty savings is fuelling an intense focus on completing their purchase as soon as possible.
The survey revealed that buyers are willing to go the extra mile to ensure they meet the deadline, with many prioritising online property searches, viewings, making offers, and progressing sales with solicitors.
Some are even prepared to move into their new homes during this time if it means securing the potential tax benefit.
The research also showed that 71% of homebuyers would have postponed their property search until the new year had the government extended the SDLT relief in the recent Autumn Budget.
The looming deadline, however, has created a sense of urgency, with many buyers speeding up their plans in a bid to save on taxes.
Lomond CEO, Ed Phillips, commented on the findings, saying, “The upcoming Stamp Duty Land Tax changes in March 2025 are proving to be significant motivators for house hunters as we close out the year. Many buyers are prepared to keep pushing their plans forward over Christmas, and this trend will likely continue well into 2025.”
The combination of motivated buyers and an expiring SDLT relief scheme is expected to make the end of 2024 and the beginning of 2025 a very active period for the housing market.
Sellers looking to take advantage of the influx of eager buyers are being urged to act quickly, as the next few months promise to bring a wave of competitive activity.
Phillips added, “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.”