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Original poster

When is too late to achieve 31st March stamp duty deadline?

27 replies

CallyCC · 13/12/2024 20:53

Our house is up for sale in England, we had an offer fall through a few weeks ago. A viewer this week has indicated that they are likely to make an offer. Their lower chain needs to complete before the 31st March stamp duty deadline. I'd like to think that if we accepted an offer next week, it would be feasible (if not definite) to complete before then. What do people think?

NB I know there are many variables, but just interested in people's thoughts / ballpark estimates. Thanks.

OP posts:
WimbyAce · 17/12/2024 19:26

We are getting pushed to find somewhere for those below us to beat the stamp duty deadline but can't see it happening tbh. As an aside we did find months ago but nothing progressed so being pushed to find something else.
From my understanding though the increase for us would be £2.5k for the increase to threshold 125k-250k? And also first time buyers are still exempt below £300k? So we are kind of resigned to sucking up the £2.5k.

Original poster
CallyCC · 17/12/2024 23:48

Marmitethedog · 17/12/2024 18:36

I guess the risk is that as March 31 approaches the bottom falls out of the housing market as first time buyers hold back? Stamp duty hike adds eg £11k to a £540k house for an FTB. So wouldn’t they just offer £529k for that £540k house now or wait for the price to reduce to that in April? Am I missing something? If the lower offer just reflects the stamp duty increase for an FTB then personally I would take it at this stage. Some estate agents can’t get to grips with this but the sensible ones I’ve spoken to say it’s a great time to make reduced offers.

I am increasingly coming around to the idea of renting for 3-6 months then going in as a cash buyer.

What do we all think?

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Our house is unlikely to be bought by a FTB (although an earlier link in the chain may be FTBs), and even if that were the case we won't be reducing our price because of stamp duty changes.

It is always interesting to see the impact of changes like this on the property market but I think you are optimistic to hope to get such a reduction, unless the seller is very keen to sell quickly.

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