Agents already cutting asking prices ahead of Stamp Duty deadline
Asking prices are already being reduced as agents and sellers appear keen to attract buyers who want to beat the Stamp Duty deadline.
The property tax thresholds are set to drop in April and many agents are predicting a rush among buyers before the cost of buying a home increases.
New research suggests Norfolk tops the table for asking price cuts, having seen the most properties reduced in asking price so far in 2025.
Self-employed agency brand eXp UK analysed more than 322,000 homes currently listed for sale across the market in England, looking at what proportion of this stock has seen an asking price reduction.
The figures show that as many as 113,612 homes have seen a reduction in asking price in the current market, equating to 35.3% of total market for sale stock.
Norfolk is home to the best chance of bagging a bargain in the January sales, with 44.6% of all homes currently listed on the market having seen an asking price reduction.
This is followed by the Isle of Wight, with 40% of all homes currently listed for sale having seen a price cut.
East Sussex completes the top three where 39.2% of all homes have seen a price cut.
Other areas to make the top 10 include Lincolnshire (38.9%), Herefordshire (38.9%), West Yorkshire (38.4%), Nottinghamshire (38.3%), Dorset (38.2%), Rutland (38.2%) and Hampshire (38.1%).
However, homebuyers in Northumberland have the slimmest chance of bagging a price reduced property in the January sales, with just 28.5% of all homes listed for sale in the current market having seen a price reduction.
Adam Day, head of eXp UK, said:
“January can be a great time to bag a bargain in the sales and whilst a property is a pretty sizable purchase, our research shows that there are a good proportion of homes currently on the market that have seen an asking price reduction in order to entice buyers.
“However, this might not be the case for long, with the clock now ticking with respect to current Stamp Duty relief thresholds. This countdown is sure to drive buyer activity and, as it does, prices are likely to climb too.”
Kindly shared by Estate Agent Today
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