Property Sales in England Surge Ahead of Stamp Duty Increase

According to Zoopla's data, as buyers rush to avoid an increase in stamp duty starting next April, agreed property sales in England rose by nearly a third compared to the previous year by the end of 2024. Research conducted by the property portal shows that as of December 14th, there are 283,000 transactions agreed but not yet completed; this figure represents the highest sales number in the last four years and shows a 30% increase compared to the end of 2023. Buyer demand saw a 21% increase in December compared to the same period last year. The company attributed these two trends to the stamp duty increase announced by Chancellor Rachel Reeves in the October Budget. Richard Donnell, managing director at Zoopla, stated: "There is a significant pipeline of sales expected to complete in the first half of 2025, with many hoping to avoid higher stamp duty costs from next April. Buyers and sellers returned to the housing market in 2024 after delaying their moves in the face of higher mortgage rates."