Property sales surge ahead of Stamp Duty deadline

In March, property sales surged by 50% compared to February, driven by buyers eager to avoid increased stamp duty costs, according to Barclays Property Insights. First-time buyers saw a 70% rise in completions, marking the highest volume since September 2021. The stamp duty threshold for first-time buyers decreased from £425,000 to £300,000, while for other buyers, it was halved to £125,000. Additionally, the average cost of buying a home has risen, with buyers needing an extra £13,530 to cover associated expenses. Jatin Patel, head of mortgages at Barclays, stated: "We experienced a blockbuster month for completions in March, as buyers raced to get ahead of the stamp duty deadline." Overall, housing costs now consume up to 28% of household income, increasing to 36% for renters.

City AM (22/04/2025)   The I (22/04/2025)