Homebuyers across England who miss the March stamp duty deadline are in line for a silver lining: a decade-high selection of available properties this spring.
According to the property website Rightmove, the number of homes on the market is now at its highest level for this time of year since 2015—offering greater choice and curbing house price inflation.
House prices across the UK rose by 1.1 per cent in March, averaging £371,870, which is broadly in line with the typical springtime uptick. Sellers are said to be pricing more realistically than in previous years, thanks in part to the imminent end of the stamp duty holiday on 31 March. Any buyers failing to complete their purchase by that date risk facing thousands of pounds in extra tax, with Rightmove estimating that around 74,000 pending sales—25,000 involving first-time buyers—will miss the deadline, incurring a collective £142 million in additional charges.
Rightmove’s data points to 575,000 sales currently in the legal completion stage, creating a logjam as buyers scramble to secure the outgoing stamp duty threshold. Colleen Babcock, property expert at Rightmove, suggested that Chancellor Rachel Reeves’s upcoming spring statement on 26 March might offer “an opportune moment” to grant a short extension and prevent thousands of buyers from incurring higher duty bills.
Despite a backdrop of global economic uncertainty, the market has remained resilient: the number of agreed sales is 9 per cent higher than the same period in 2024, and new seller numbers are up 8 per cent on last year. However, mortgage rates have only marginally dipped compared to 2024. The average five-year fixed deal is currently at 4.74 per cent—down from a July 2023 peak of 6.11 per cent but very close to the 4.84 per cent seen this time last year.
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