New research from property developer, Anwyl Homes, has revealed the demographics that are most likely to consider moving in light of the recent cuts to Stamp Duty, which are due to end in early 2025.

The data shows that 30% of first-time buyers, either those who currently live in private rented accommodation, social housing, and/or with friends or family who plan to buy their first home in the next 12 months, said the Stamp Duty cuts would encourage them to buy.

Downsizers, categorised as those who live in a home they own outright or with a mortgage who are looking to buy a smaller home, are currently more likely than first-time buyers to consider moving, with 45% saying they welcomed the cut. Buyers looking for the next step up the property ladder, those that live in a home they own outright or with a mortgage who are looking for a bigger home, are most encouraged by the news with 50% saying the cut would prompt them to consider moving.

The study also looked at the age of those surveyed. People aged between 25-34 are most likely to consider moving now due to the Stamp Duty cuts (41%), followed by those aged 35-44 (39%), 18-24 (33%), 45-54 (30%) and 55+ (18%).

Anwyl Homes, which has developments across the North West and North Wales, conducted the research, which questioned 2,001 people across the UK, after it experienced a 10% increase in web traffic and enquiries following the mini budget announcement on 23 September 2022.

Matthew Gould, sales director at Anwyl Homes, said: “We’re finding that people who are at a stage in their life where they need to or want to move, want to take advantage of the incentive. For first-time buyers in particular, the recent changes offer some great savings as there is currently no Stamp Duty to pay on homes priced under £425,000.”

“We expect enquiries to rise, now that the Chancellor has announced an end point of March 2025 for this initiative. Two years isn’t a long time in the property market and we would advise people to plan ahead to take advantage of the savings, particularly if you are considering a new-build property that is currently under construction.”

Source: Show House News