Looking at specific demographics, 30% of first-time buyers – either those who currently live in private rented accommodation, social housing, and/or with friends or family who plan to buy their first home in the next 12 months – said the cut to stamp duty would encourage them to buy.
Downsizers – those who live in a home they own outright or with a mortgage who are looking to buy a smaller home – are more likely than first-time buyers to consider moving due to the changes to stamp duty, with 45% saying they welcomed the cut. But the group of house hunters who are most encouraged by the cut are people who are looking for the next step up the property ladder – those who live in a home they own outright or with a mortgage who are looking for a bigger home – with 50% saying the cut would prompt them to consider moving.
The age of people also impacted how likely the stamp duty cuts would encourage them to consider moving. People aged 25-34 are most likely to consider moving now (41%), followed by those aged 35-44 (39%), 18-24 (33%), 45-54 (30%) and 55+ (18%).
Matthew Gould, Sales Director at Anwyl Homes, said: “We’re finding that people who are at a stage in their life where they need to or want to move, want to take advantage of the incentive. For first-time buyers in particular the recent changes offer some great savings as there is currently no stamp duty to pay on homes priced under £425,000.
“We expect enquiries to rise, now that the Chancellor has announced an end point of March 2025 for this initiative. Two years isn’t a long time in the property market and we would advise people to plan ahead to take advantage of the savings, particularly if you are considering a new-build property that is currently under construction.”
