House sales surged in December as buyers raced to beat stamp duty changes

'House prices are besides holding steady, and increasing successful immoderate section markets which has enactment the marketplace connected steadfast footing contempt the UK’s economical outlook coating a mixed picture'

House income successful the UK saw a important surge successful December, with a astir 20% summation compared to the aforesaid period the erstwhile year, according to caller data.

HM Revenue and Customs (HMRC) estimated that 96,330 transactions were made successful December 2024, marking a 19% emergence from December 2023 and a 3% summation from November 2024. The unreserved successful enactment is thought to beryllium owed to location buyers trying to implicit purchases earlier an upcoming stamp work deadline.

From April 1, the "nil rate" stamp work set for first-time buyers volition alteration from £425,000 to £300,000, affecting those successful England and Northern Ireland. Nick Leeming, president of property cause Jackson-Stops, commented: "The emergence successful transactions successful December tin mostly beryllium attributed to the pending stamp work deadline successful March.

"No uncertainty buyers crossed London and the South East successful peculiar would person been pushing for deals to get crossed the enactment fixed the traditionally higher taxation rates successful this portion of the country. This is evidenced crossed the Jackson-Stops web with the fig of caller applicants acold outweighing caller instructions successful December successful Bury St Edmunds, Newmarket, Dorking, Northampton, Reigate and Sevenoaks.

"House prices are besides holding steady, and increasing successful immoderate section markets which has enactment the marketplace connected steadfast footing contempt the UK’s economical outlook coating a mixed picture."

Favourable predictions bespeak that the Bank of England basal complaint volition beryllium chopped aggregate times this year, which volition beryllium beneficial for borrowers. The HMRC information coincided with Nationwide Building Society's study that the yearly complaint of location terms maturation decreased to 4.1% successful January, down from 4.7% successful December.

Across the UK, location prices saw a 0.1% month-on-month increase, reaching £268,213. Jason Tebb, president of OnTheMarket, stated: "Two complaint reductions successful the 2nd fractional of past twelvemonth bolstered purchaser and seller confidence, and with further cuts expected this year, determination is cautious optimism which bodes good for the outpouring market."

He added: "With stamp work changes providing an other information for first-time buyers successful peculiar to transact implicit the adjacent fewer months, a further complaint chopped from the Bank of England would beryllium timely and springiness further impetus to the outpouring market."