The majority of estate agents who took part in a new survey want to see the government extend the current stamp duty relief thresholds to allow buyers currently in the process of acquiring a property more time to get the deal done without being hit by a higher property levy.
The survey of more than 400 estate agents found that 86% of respondents agree that an extension should be granted.
Some 72% of estate agents have noted increased urgency from buyers to complete by 31st March.
Colby Short, co-founder and CEO of GetAgent.co.uk, which commissioned the research, commented: “With the final countdown now upon us, we’re starting to see a degree of mass hysteria being generated around the stamp duty deadline and the plight of those buyers who fail to complete by 31st March.”
It comes as a homebuyers in England and Northern Ireland on track to miss the looming deadline expect to fork out an extra £6,512 on average for their purchase, resulting in a surge in demand for mortgages.
Barclays mortgage data shows that average monthly completions have increased 26% in the wake of the Autumn Budget when the changes were announced. This is largely driven by a 59% surge in first-time buyer purchases, whose share of completions has risen seven percentage points, from 29% to 36%.
Changes to the stamp duty bands are also limiting the choice of property stock available to first timers. Barclays data shows that demand for homes above the current stamp duty threshold of £425,000 has steadily declined each month, with completions in this bracket dropping from 21% in October 2024 to 16% in February 2025.
Among those with a purchase in progress, nearly one in eight (12%) say they will pull out if they do not complete before the end of March. Meanwhile, a fifth (21%) of prospective movers say that they will now look to buy a smaller property to mitigate costs, with 18% changing the location of their search to a more affordable area.
Sian McIntyre, managing director of Mortgages and Savings at Barclays, said: “Our latest data indicates that prospective buyers are adapting their behaviour to get ahead of some of the volatility in the market. Encouragingly, amidst rising house prices, uncertainty around interest rates, and the upcoming changes to stamp duty, consumer confidence in the housing market is staying the course.”
A separate survey of more than 400 estate agents has found that 86% of respondents agree that an extension should be granted.
Some 72% of estate agents have noted increased urgency from buyers to complete by 31st March.
Whilst most buyers have factored in a stamp duty increase into their financial planning, one in five (21%) have not, leaving themselves in potential financial turmoil should they miss next month’s deadline to complete, the study found.
Colby Short, co-founder and CEO of GetAgent.co.uk, which commissioned the research, commented: “With the final countdown now upon us, we’re starting to see a degree of mass hysteria being generated around the stamp duty deadline and the plight of those buyers who fail to complete by 31st March.”
Which estate agents? The article doesn’t seem to reflect its headline. And how would that work in practice? It would surely just create another deadline?
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not like this deadlines was dropped last month, it’s been known for such a long time.
To keep extending just extends the issue.
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Perhaps this will focus the minds of sellers and estate agents on getting property purchase ready before listing and the impediment to a swift completion that lengthy chains build into the process.
The solution to a lengthy transaction process is to get things ready before listing and to limit the chain to a manageable size.
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Of course they would – it means lower commissions if the price needs to be reduced and oh wait, they have to do some more work!
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Yes, let us just kick the can down the road and create another manic deadline date which will bring in more clients so will still be as busy as ever. Then we can extend that deadline and on we go. What was Einstein’s definition of insanity again?
Moreover let us not forget that Estate Agents are responsible for the explosion of factory connveyancing, and nost of their chains are being held up because they have taken the pot of money with no long term thought ofthe consequences. Well you are seeing them now so don’t complain because it is biting you in the bum. When you sleep with the devil…………………..
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Aka agents told buyers they would be fine to complete before the deadline to make a sale and are now seeing this isn’t going to be possible and are panicking.
No extension should be agreed.
Agents need to see it’s not all about them and their greed.
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During the run in to the last Stamp Duty hike there was a concession that if contracts are exchanged before deadline day… completion could be after deadline day without paying the extra levy!!
Does seem harsh that you are nearly there on a purchase then a delay causes further expense.
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