Homebuyers could save almost £500m by completing their purchases before the upcoming Stamp Duty changes which take effect from 1st April, research from Moverly has revealed.
From 1st April 2025, homebuyers will be paying a higher amount of Stamp Duty Land Tax (SDLT).
Today, with the average house price in England sitting at £308,781, buyers pay an average SDLT bill of £2,939.
After the deadline, this is set to grow to £5,439, an increase of £2,500.
Moverly’s analysis of sales volume data in England revealed that over the past 10 years, an average of 192,388 property transactions were completed between January and the end of March each year.
Should the same number of homebuyers complete between January and the end of March this year, beating the Stamp Duty deadline in the process, they would benefit from an accumulated SDLT saving of £481m.
Gemma Young, CEO of Moverly, said: “There is going to be a rush of buyers trying to finalise purchases before the Stamp Duty deadline, which means all of the professionals and services involved with processing the transaction are going to be in huge demand and, therefore, under additional strain.
“If you’re not well-prepared, this bottleneck could be the difference between beating the deadline and missing it.
“The good news is that the vast majority of sellers will also be looking to make an onward purchase themselves, and many of them will require the funds from their sale in order to make their subsequent purchase.
“This means they’re going to be equally keen for a timely transaction.”
She added: “When you find your perfect property, the ideal situation will be that the seller is already providing up-front material information, but if they’re not, it’s definitely worth speaking to them and suggesting it’s something that would be mutually beneficial in order to avoid any time wasted.”
