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The average house price in the UK increased by 0.5% in February, reaching £367,994, according to new data from housing platform Rightmove. This rise occurs amidst a ten-year high in available homes for sale, leading to weaker price growth than typically expected for this time of year.
With the impending stamp duty deadline on April 1, many buyers are hastening to finalize transactions, creating a backlog of over 550,000 homes awaiting legal completion—25% higher than last year. First-time buyers, particularly those purchasing properties between £500,001 and £625,000, face up to an additional £11,250 in costs if the deadline is missed, as first-time buyer relief is reduced for homes over this threshold.
Rightmove reported that the average completion time for property transactions is currently around five months, pressuring potential movers to act quickly to avoid the impacts of the impending rate changes.
As the housing market adjusts, experts advise buyers to remain vigilant and proactive in navigating deadlines and legal processes.