Auction and New Homes Enquiries Rocket from Buyers to Avoid Stamp Duty Deadline

- Wed 05 Feb 2025

With the current stamp duty incentive coming to an end on 31st March this year, it is becoming highly unlikely a property purchase could be conveyed in time to avoid paying the additional thousands in tax. Savvy buyers are however looking at quicker purchase methods such as online auction properties and also new build homes that are ready now or will be in time to complete before the end of next month.

With properties being sold via auction, and the modern method of auction, a legal pack is created at the outset meaning conveyancers don’t have to wait for searches and other documents that can often delay a purchase/sale. There is also no onward transaction to delay the sale. Whilst it usually takes 7-14 days to prepare a legal pack for sale, which allows a property to be marketed via auction and a buyer to have a bid accepted, it only takes 14-28 days to exchange and complete the matter, as opposed 4-5 months via private treaty purchases.

It is similar with new homes where the developer often has their conveyancers ready with a contract to be issued, if the plot in question is built and ready for occupation or will be before the deadline the purchase can often be exchanged and completed in 4-6 weeks.

Kevin James, Bradleys New Homes Director commented “The rise in recent enquiries from buyers seeking to avoid the tax by purchasing via auction or a new home that will be completed in time shows how clever buyers are, and certainly how keen they are to avoid paying the stamp duty! At Bradleys, we are fortunate that we have both plenty of auction lots available, many from sellers simply looking for a quick sale, not always a typical lot that requires renovation. The same with new build developments where plots will be completed before the end of March.

We do advise buyers to get their mortgage in place prior to their purchase to ensure the process can proceed at the required speed. Our specialist Mortgage Team would be happy to help and will be able to source the right deal for you from the vast range of lenders and products available to them.”

Check out the current auction lots available now

Bradleys range of new home developments

Contact Bradleys Mortgage Specialists

Auction and New Homes Enquiries Rocket from Buyers to Avoid Stamp Duty Deadline

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