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UK Housing News

Rightmove Reports 11% Surge in New Listings as Sellers Race to Beat April’s Stamp Duty Changes
 

David Hannah, Group Chairman of Cornerstone Tax, discusses how the government can tackle the UK's housing affordability crisis

Rightmove has reported an 11% rise in new property listings year-on-year, as sellers rush ahead of the new stamp duty April deadline. The average asking price rose by 1.7% (£5,992) in January to £366,189, marking the largest early-year increase since 2020. The prospect of stamp duty changes has accelerated market activity, with Rightmove revealing a 4% rise in average asking prices. David Hannah, Group Chairman of Cornerstone Tax, the UK's leading stamp duty advisory firm, highlights that these figures underscore the need for the government to address broader housing affordability issues, which continue to strain the market.

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“This year, the government must urgently recognise the ever-pressing need for drastic changes to the housing market."

David Hannah

The changes to stamp duty pose significant challenges particularly for buyers in higher-priced regions, potentially slowing demand in these areas. While the market has shown resilience, its future stability will largely depend on how these tax adjustments and broader economic factors, such as borrowing costs and interest rates, play out in the months ahead.

According to David Hannah, the UK government has missed key opportunities to address housing affordability. These include raising the second home surcharge to 5%, failing to reinstate Multiple Dwellings Relief, and planning to reduce Stamp Duty thresholds in April. Exclusive data from Cornerstone Tax highlights the impact, with 26% of Brits unable to purchase property due to unaffordable Stamp Duty costs. Meanwhile, 15% of landlords are considering selling due to rising expenses, and 18% of prospective buy-to-let landlords have been dissuaded by increasingly complex regulations.

Group Chairman of Cornerstone Tax, David Hannah comments:

“This year, the government must urgently recognise the ever-pressing need for drastic changes to the housing market. The previous government's decision to abolish Multiple Dwellings Relief (MDR) was beyond counterproductive and will result in fewer new homes being built, with a significant drop in both domestic and overseas investment into housing delivery.

“By removing a critical tax break such as MDR, the government's refusal to reverse this policy undermines the build-to-rent sector, which relies heavily on such incentives to maintain and expand the housing supply. Furthermore, the increase in the second home surcharge and Stamp Duty thresholds reforms will not only reduce the stock of homes in the UK, but will make it harder for first-time buyers to get onto the property ladder.

"New policies need to promote affordability, accessibility and support for businesses building in Britain. The government must now listen to property firms and industry stakeholders to solve this vitally discouraging situation for Brits, otherwise this crisis will continue to cause chaos for years to come."

David Hannah, Group Chairman
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