Nick Leeming, Chairman of Jackson-Stops, comments on the Chancellor’s announcement that the cut to stamp duty will be reversed in 2025:

“Reversing the cut to stamp duty on properties under £250,000 and £425,000 for first-time buyers is unwelcome news for the housing market. Perhaps one of the only positives to come from the ill-fated mini-budget, the decision to put a time limit on the tax break is likely to create a bottleneck of transactions in the first quarter of 2025 as buyers rush to lock in the more favourable stamp duty rate. Whilst this rush to get a sale across the line will not be to the same extent seen during the last stamp duty holiday, this time limit will undoubtedly factor into many first-time buyer’s decisions as these savings could be put towards utility bills, solicitors’ fees or upgrades on the home they purchase.

“The priority must be avoiding creating market bubbles and providing a stable environment. We should be looking to encourage fluidity throughout the market and a wider stamp duty reform is needed for this.”