First time buyers anxious to complete their purchase ahead of the April stamp duty deadline are continuing their search over Christmas.
That’s the opinion of agency group Lomond.
Its house hunting survey found that 93% were hopeful of completing their planned purchase by March 31, just ahead of the date when stamp duty thresholds return to their normal and more expensive levels.
To meet this deadline, 82% plan to keep house hunting right up to Christmas Day, and 74% are prepared to carry on their search between Christmas and New Year.
Some 71% also say that if an extension had been granted in the Autumn Budget – as many analysts expected – they wouldn’t be showing the same urgency.
The ‘nil rate’ Stamp Duty band for those house hunting will drop from £250,000 back to £125,000 from April. For first-time buyers, the threshold will decrease from £425,000 to £300,000.
Lomond chief executive Ed Phillips 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.”