UK Anticipates 1.15 Million Home Sales Next Year

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UK Anticipates 1.15 Million Home Sales Next Year

According to forecasts from the online property portal Rightmove, approximately 1.15 million homes are expected to be sold in the UK next year, resulting in a busy first quarter as buyers and movers try to navigate the increase in stamp duty. Rightmove stated that strong competition with a large number of homes for sale will keep prices low and benefit buyers despite ongoing high interest rates.

The average price demanded by home sellers is expected to rise by 4% next year, marking the largest increase since 2021, although it remains in line with long-term average price growth. According to Halifax, the average house price in November was £298,083, while Nationwide reported it as £268,144.

Currently, first-time buyers start paying stamp duty on purchases over £425,000, a threshold that will drop to £300,000 on April 1. Other buyers are currently subject to stamp duty on purchases over £250,000, which will be halved to £125,000.