Property transactions have surged as buyers hurry to complete deals before an increase in stamp duty. January saw a 15% spike in home sales. First-time buyers currently benefit from a tax exemption on homes up to £425,000, which will drop to £300,000 in April. Mortgage applications also rose, fueled by the Bank of England's recent base rate cut. Experts suggest a cautious market with only modest price increases and a focus on competitive pricing amidst rising borrowing costs.
"New sellers are showing some pricing restraint after a fast start to the year, being mindful of both the high level of seller competition, and in England also of the looming stamp duty deadline and extra costs for some buyers."
"We hope this is the beginning of a sustained period of rates slowly heading downwards, and while we're unlikely to see major falls across the board, we've already seen the first sub-4% rates of 2025."
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