Homebuyers across England who miss the March stamp duty deadline are in line for a silver lining: a decade-high selection of available properties this spring.
According to the property website Rightmove, the number of homes on the market is now at its highest level for this time of year since 2015—offering greater choice and curbing house price inflation.
House prices across the UK rose by 1.1 per cent in March, averaging £371,870, which is broadly in line with the typical springtime uptick. Sellers are said to be pricing more realistically than in previous years, thanks in part to the imminent end of the stamp duty holiday on 31 March. Any buyers failing to complete their purchase by that date risk facing thousands of pounds in extra tax, with Rightmove estimating that around 74,000 pending sales—25,000 involving first-time buyers—will miss the deadline, incurring a collective £142 million in additional charges.
Rightmove’s data points to 575,000 sales currently in the legal completion stage, creating a logjam as buyers scramble to secure the outgoing stamp duty threshold. Colleen Babcock, property expert at Rightmove, suggested that Chancellor Rachel Reeves’s upcoming spring statement on 26 March might offer “an opportune moment” to grant a short extension and prevent thousands of buyers from incurring higher duty bills.
Despite a backdrop of global economic uncertainty, the market has remained resilient: the number of agreed sales is 9 per cent higher than the same period in 2024, and new seller numbers are up 8 per cent on last year. However, mortgage rates have only marginally dipped compared to 2024. The average five-year fixed deal is currently at 4.74 per cent—down from a July 2023 peak of 6.11 per cent but very close to the 4.84 per cent seen this time last year.
Matt Smith, mortgage expert at Rightmove, notes that the smallest deposits are still attracting the highest rates, affecting both first-time buyers and those needing larger mortgages. While the Bank of England is expected to keep interest rates at 4.5 per cent after its next review, further cuts remain a possibility for later in the year.
Rightmove has welcomed proposals from the mortgage regulator to explore “responsible” ways of streamlining the application process, including reduced stress testing for certain borrowers. The changes could make it easier for homeowners to switch deals and for first-time buyers to secure loans—especially if additional interest rate cuts come in the months ahead.
In a separate study, estate agent Savills reported that the UK housing market expanded by £22.3 billion in 2024, with 1.1 million transactions and an average sale price of £343,822. Mortgage debt rose fastest among first-time buyers—up by 21 per cent or £12.2 billion. London’s total market value slipped behind the south-east for the first time in two years, at £72.8 billion compared to £74.5 billion respectively.
Lucian Cook, head of residential research at Savills, emphasised that while the market is no longer at its pandemic peak, it remains substantially stronger than it was immediately before Covid. With further interest rate cuts likely this year, more buyers may be encouraged to enter the market, boosting overall activity and potentially maintaining a relatively robust growth trajectory throughout 2025.
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