Property Sales in the UK Accelerate Ahead of Stamp Duty Increase

According to Zoopla's data, with buyers hurrying to avoid an increase in stamp duty starting next April, property sales agreed upon in the UK have risen by nearly a third compared to the previous year by the end of 2024.

The research conducted by the property portal indicates that as of December 14, there are 283,000 agreed but incomplete sales; this figure marks the highest number of sales in the last four years and reflects a 30% increase compared to the end of 2023.

Buyer demand also saw a 21% increase in December compared to the same period last year.

The company attributed these trends to the stamp duty increase announced by Chancellor of the Exchequer Rachel Reeves in the October Budget.

Richard Donnell, managing director at Zoopla, stated: "There is a substantial pipeline of sales set to complete in the first half of 2025, with many hoping to avoid higher stamp duty costs from next April. Buyers and sellers have returned to the housing market in 2024 after pausing their moves in the face of higher mortgage rates."