The property market is still adjusting to the aftermath of the, much discussed and publicised, end of the stamp duty holiday. Since the government’s announcement in 2024’s budget, clients, agents, mortgage brokers, and solicitors across the country were laser focused on one goal: pushing transactions through before the deadline. The industry’s urgency to, where possible, help save clients thousands in stamp duty costs meant a surge of last-minute completions, effectively creating a bottleneck effect where much of the activity became concentrated into a short window.
As a result, directly following the end of the holiday a natural dip in the number of exchanges taking place seemed to occur - not due to a lack of interest, but rather a temporary slowdown following an exceptionally high-pressure period. It’s important to note that this was not a sign of weakening demand, but more a reflection of the intense workload the industry had just pushed through.
What’s particularly encouraging is that agreed sales have remained strong throughout the following months. This signifies that buyer confidence hasn't wavered, even without the financial incentive of the stamp duty holiday. People are still keen to move, whether it's for more space, better locations, or lifestyle changes that reflect our evolving post-pandemic priorities.
Looking ahead, I remain positive about the outlook for the rest of the year. With interest rates still relatively favourable and a consistent level of buyer activity, we anticipate a steady flow of transactions in the months to come. The market may have shifted gears slightly, but the engine is very much still running.
As always, if you're considering buying or selling, now remains a great time to better understand your options and define your goals. The property market continues to be dynamic and with the right advice, there are still plenty of opportunities to make smart, timely decisions.
Written By James Hunt, Durden & Hunt Co-Founder
Loughton Estate Agents, Canary Wharf Estate Agents, Hornchurch Estate Agents, Colchester Estate Agents, Wanstead Estate Agents, Ongar Estate Agents
