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Stamp Duty Changes Boost Property Demand

Stamp Duty Changes Boost Property Demand

26.11.24

Nationwide reported a slowdown in UK house price growth in October, with annual growth slipping to 2.4% compared to 3.2% in September.

This marks a cooling in the market after recent highs, though October’s rate remains the third strongest since late 2022. The average house price increased slightly to £265,738, reflecting a modest monthly rise of 0.1%.

Nationwide’s chief economist, Robert Gardner noted that market activity remains robust, with mortgage approvals nearing pre-pandemic levels despite high interest rates. He highlighted the likelihood of a surge in home purchases ahead of impending changes to stamp duty rules, which will revert to previous thresholds next April. This policy adjustment, announced in the recent Budget by Chancellor Rachel Reeves, reverses the temporary nil rate extensions introduced in September 2022.

First-time buyers benefit from a nil rate band up to £450,000, while other buyers enjoy a threshold of £250,000 before stamp duty applies. From 31 March, these limits will revert to £300,000 for first-time buyers and £125,000 for additional home purchases.

Nationwide estimates that the changes will impact one in five first-time buyers across the UK, rising to two in five in the South East, where property prices are typically higher. Although Gardner suggested that the rush to complete purchases may not be as intense as during the Covid-era stamp-duty holiday, he expects increased activity before the changes take effect, especially in regions with higher property values.

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