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Daily Telegraph: Stamp Duty Rises

Journalist: Madeleine Ross, Daily Telegraph

ended 23. November 2024

Hello 

I want to hear from mortgage brokers about whether post-Budget they've seen an increase in buyers moving quickly to avoid the stamp duty hikes in April. 

Specific examples very welcome & details about what type of buyer is coming forward even better. 

For The Telegraph this afternoon. 

3 responses from the Newspage community

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Ben Perks
Managing Director at Orchard Financial Advisers
There are some significant Tax hikes on the horizon, and it is definitely something that people are considering. Yesterday i spoke with a borrower that only has a £50 Stamp Duty bill currently, but this rises to £2,550 in April. This was a first time buyer, looking at a modest home and it is a big jump. For those seeking larger properties the message is clear, get a move on.
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Dariusz Karpowicz
Director at Albion Financial Advice
We're seeing an unprecedented surge in last-minute enquiries, I can confirm, as buyers desperately try to complete before April's stamp duty increases take effect. However, with current transaction times averaging 4-6 months, I'm having to be brutally honest with clients that many are likely to miss the deadline.
In my daily consultations, I'm particularly noticing buy-to-let investors and second-home purchasers pushing to avoid the additional 3% levy. The past fortnight has been extraordinarily busy, though I'm also seeing a concerning trend where some clients are withdrawing from property investments altogether after recalculating their margins under the new tax framework. The recent Budget announcements regarding stamp duty on second homes have created significant complexity, and I'm finding myself increasingly advising clients to thoroughly reassess their investment strategies.
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Scott Taylor-Barr
Principal Adviser at Barnsdale Financial Management
I have actively been reaching out to those prospective buyers that I have spoken to previously to remind them that their Stamp Duty liability increases in April, as that is a key budgeting consideration for some of them, especially first-time buyers. It has prompted a few of them to start looking at property now, rather than leaving it until the New Year. It's important to remember that the time to complete a property purchase from the point of making an offer to actually getting the keys can be lengthy, especially with Christmas in the way which will see many lenders, law firms and estate agents close or being run on reduced capacity; so starting the process this side of Christmas is essential if you want to give yourself the best chance of not being caught on the wrong side of the Stamp Duty deadline.