Stamp Duty Relief Decision Unlikely to Halt UK Property Market Momentum

Homebuyers Undeterred by Stamp Duty Relief Changes

The government's recent decision not to extend stamp duty relief thresholds has caused a stir, but new insights reveal that the majority of homebuyers are staying the course. A survey by Benham and Reeves found that only 5% of homebuyers intend to postpone their plans indefinitely.

Strong Market Sentiment Prevails

While 71% of homebuyers had hoped for a stamp duty extension, the market's momentum remains robust. The survey revealed that:

• 73% will proceed with their purchase plans.
• 22% may experience temporary delays.

Encouragingly, 38% of respondents are already progressing with purchases and aiming to complete before the 31st March deadline when the current relief thresholds end.

Adjustments for a Changing Market

Missing the deadline could create short-term market instability, with some buyers needing to adapt:

• 39% plan to proceed regardless of additional costs.
• 25% may need extra savings.
• 15% might renegotiate offers.
• 11% expect to increase their mortgage.
• 10% could pull out entirely.

Positive Long-Term Outlook

Marc von Grundherr, Director at Benham and Reeves, highlighted that despite these challenges, the UK's property market remains strong. The recent Bank of England interest rate cut is expected to balance any negativity caused by stamp duty changes, maintaining affordability for buyers and investors alike.

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