Buyers are looking to save time and money by purchasing chain-free homes ahead of Stamp Duty increases scheduled for April 2025, recent findings from Propertymark has revealed.
NAVA Propertymark members have introduced several properties available through auctions, including a farmhouse in Bedfordshire with a guide price of £550,000, a three-bedroom semi-detached property in Essex with a guide price of £460,000, a three-bedroom semi-detached property on the Isle of Anglesey for £100,000, and a two-bedroom flat near West Byfleet town centre listed at £285,000.
Propertymark said that this variety of properties listed by members reflects the broad range of options available to buyers and sellers, but has warned that potential buyers should be aware of the upcoming Stamp Duty changes that will take effect in April.
The latest Stamp Duty thresholds, effective from 1 April 2025, include zero duty for properties up to £125,000, 2% for properties between £125,001 and £250,000, 5% for properties valued between £250,001 and £925,000, 10% for properties from £925,001 to £1.5m, and 12% for properties above £1.5m.
There will also be a reduction in the Stamp Duty threshold for first-time buyers from £425,000 to £300,000, potentially adding extra tax liability for many, which may hinder affordability across various regions.
With properties sold at auction being chain-free and often conducted online, this offers a convenient option for those looking to move quickly.
Stuart Collar-Brown, president of NAVA Propertymark, said: “The winter season tends to be a quieter period for the housing market, but Chancellor Rachel Reeves’ recent Budget may spur many people on to sell their homes before the new Stamp Duty thresholds are introduced from April onwards.
“Propertymark’s Q2 2024 Auctions Barometer found that the auction sector is thriving, with 38 per cent of NAVA Propertymark agents reporting increased lot numbers.
“It is also crucial that buyers and sellers new to the auctioning process are helped by a qualified agent who is knowledgeable about the latest legislative changes, which is why we encourage them to seek out Propertymark Protected auctioneers.”
