Rightmove is calling on the government to give a temporary extension to the current stamp duty thresholds.

In its latest snapshot of the housing market the portal refers to a glut of first time buyers trying to beat the April 1 deadline when stamp duty thresholds return to previous (and for some more expensive) levels.

Rightmove’s property expert Colleen Babcock says: “The upcoming stamp duty deadline in England remains a key talking point, and while some movers may not be affected at all, others will be more severely impacted. 

“We’ve previously suggested reforms such as regional variations in stamp duty charges to try and address some of the inequities in the current system. 

“With the predicted conveyancing log-jam likely to cause some buyers to miss the deadline and end up paying more tax through no fault of their own, it would seem justifiable for the government to announce a short extension before the end of March.”

Meanwhile the portal says the average price of property coming to the market for sale is up 0.5% this month (+£1,805) to £367,994.  

After a fast start to the year which saw average asking prices rise by more than usual, February’s price increase is more subdued, below the longer-term average of +0.8%.

“New sellers are showing some pricing restraint after a fast start to the year, being mindful of both the high level of seller competition, and in England also of the looming stamp duty deadline and extra costs for some buyers” explains Babcock.

“Agents report that some of the steam is coming out of new sellers’ price expectations to fit the changing market conditions, which is a sensible reaction to attract buyer interest, and it will also help to support activity levels.”