Mortgage approvals in January were 18% higher than a year earlier, as buyers look to secure properties before the nil-rate threshold for stamp duty reverts from £250,000 back to £125,000 in April.
While the current rush might leave the market quieter than usual after April, indications are that demand levels are rising modestly with activity increasing, even for sales unlikely to complete before the deadline.
Agents in the latest RICS UK Residential Market Survey report rising levels of market appraisals compared to a year ago and anticipate an increase (albeit modest) in transactions in coming months.
The picture is fairly cautious. As stamp duty changes bring extra costs, the wider economic backdrop, with its uncertainty on inflation and mortgage rates, may deter some buyers as we move through the year. Source: Dataloft by PriceHubble, Bank of England, January 2025
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