Agents facing sales stampede ahead of Stamp Duty changes – warning
The housing market may soon experience a surge in transactions as changes to Stamp Duty thresholds are expected. The Chancellor is likely to announce these changes, set to take effect from April 2025, which could reshape the buying and selling landscape.
Proposed adjustments include reducing first-time buyer Stamp Duty relief from £425,000 to £300,000and lowering the nil-rate threshold from £250,000 to £125,000. These changes could create urgency among buyers, particularly first-time purchasers facing increased costs.
With these adjustments on the horizon, estate agents are preparing for a rush of activity. Many buyers might act quickly to secure properties before the new thresholds are implemented. However, current transaction timelines often exceed five months post-offer, putting many potential deals at risk of missing the deadlines.
To help agents manage this challenge, Home Owner’s Passport (HOP) has introduced a Title Deeds report. This tool collects essential data on transaction profiles, offering insights into expected completion timelines and highlighting issues that may need reson by conveyancers.
The HOP report serves as an early warning system, allowing agents to identify transactions that could take longer to complete. With anticipated Stamp Duty increases looming, this proactive approach enables agents to prepare properties for exchange more efficiently, ensuring much of the necessary work is done upfront and facilitating quicker engagement with conveyancers.
Some clients are already implementing these strategies, and legal networks like the Bold Legal Group are also seeking ways to support estate agents during this busy period.
As the announcement on Stamp Duty changes approaches, the real estate market is poised for significant activity. By utilising tools like HOP’s Title Deed Insights report, agents can better navigate the complexities of increased transaction volumes, ensuring smoother experiences for clients.
With proper preparation, agents can help clients navigate the upcoming changes and foster successful transitions in the housing market. The coming year may prove pivotal, making this an opportune moment to enhance readiness and provide effective support.
Want to sell or let your property?
We are estate agents and letting agents in Leytonstone, E11 and we are specialists in the East London property market. Request a free valuation and one of our experts will get in touch with you to discuss how we can help you.
