Home sellers are reducing asking prices ahead of the Stamp Duty deadline, analysis from GetAgent.co.uk has revealed.
The study revealed 35.4% of homes listed under £125,000 had price cuts, potentially positioning them below the new non-taxable stamp duty threshold.
Meanwhile, 37.6% of properties between £125,000 and £250,000 saw reductions to counter the impending 2% tax.
Homes priced between £250,001 and £950,000 had a smaller reduction rate of 34.6%.
The most expensive properties saw even fewer reductions – 31.1% for those between £925,001 and £1.5m, and 28.7% for those above £1.5m.
Regions with the highest price reductions included the South East, London, East of England, and South West.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “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.
“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 added: “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.”
