With the clock ticking towards this month’s stamp duty deadline, home sellers across Britain are slashing asking prices to soften the blow of looming tax hikes, according to a fresh analysis from GetAgent.co.uk.
The property platform’s latest dive into for-sale listings shows a clear trend: those in the market’s sweet spot—properties most exposed to the shrinking stamp duty relief—are leading the charge on reductions, racing to lure buyers before 1st April.
GetAgent sifted through current listings to uncover how many sellers have already trimmed their expectations and where the cuts hit hardest.
Right now, buyers pay no stamp duty up to £250,000, but that threshold drops to £125,000 next month, slapping a 2% charge on the chunk from £125,001 to £250,000.
Beyond that, it’s business as usual—5% from £250,001 to £925,000, 10% up to £1.5m, and 12% above. Yet, with the £250,000-and-under bracket facing a 2% sting come April, sellers aren’t sitting still.
“Reductions to asking price are unfortunately commonplace in any market landscape as sellers will chance their arm with a slightly over-ambitious valuation, before readjusting to current market values having received little to no interest during their first few weeks or months on the market,” says Colby Short, Co-founder and CEO of GetAgent.co.uk.
The numbers back it up: 35.4% of homes listed up to £125,000 have seen a price cut, hinting sellers are nudging below the new no-tax line.
Meanwhile, 37.6% of those between £125,000 and £250,000 have dropped, likely easing the pain of that extra 2%.
Higher up, reductions thin out—34.6% from £250,001 to £925,000, 31.1% from £925,001 to £1.5m, and just 28.7% over £1.5m.
“However, it’s clear that with April’s stamp duty changes now on the horizon, a higher proportion of sellers are also lowering their expectations at the key price points in the market in order to account for these changes and entice a buyer,” Short adds.
Regionally, the priciest patches are feeling the heat most. The South East tops the list with 40.5% of homes discounted, followed by London at 38.8%, then the East of England and South West, both at 35.7%.
Short sees a silver lining: “As a result, the highest proportions of asking price reductions are currently being seen by those repricing below the new 0% stamp duty threshold of £125,000, or those pricing up to £250,000 in order to help mitigate the additional 2% in stamp duty that buyers will soon face. This suggests that the nation’s sellers remain keen to transact and that any market correction that does come as a result of the impending stamp duty changes will be a minor one.”
For London buyers, this pre-deadline scramble could spell opportunity. With sellers shaving prices to keep deals alive, the next few weeks might just be the moment to strike—before the taxman’s axe falls.