House sales will jump ahead of stamp duty rise, says Nationwide

Published On Nov 1, 2024, 6:55 AM

Nationwide predicts a surge in house sales at the beginning of 2025 as potential buyers rush to purchase homes before higher stamp duty rates come into effect. This regulatory change is expected to impact many first-time buyers, particularly in pricier areas like London. However, the overall impact may be limited due to ongoing high interest rates which are restraining some buyers. Nationwide forecasts that any increase in activity from this rush could be followed by a market slump in the subsequent months, reminiscent of earlier responses to stamp duty changes. Additionally, any drops in mortgage rates could significantly affect the housing market more than the tax changes themselves.