Just a third of would-be buyers surveyed would proceed if they missed the stamp duty deadline (Image: Getty)
A rise in could force at least one in five Brits buying a home to abandon their purchasing plans, a property expert has claimed.
With expected to miss the April 1 deadline, according to Rightmove this means as many as 15,000 buyers may pull out.
Research from property expert Upstix found that three in five purchases (62%) could be affected by the deadline, with one in five saying they would abandon the sale altogether if they missed the deadline.
The Stamp Duty increase is already believed to be behind a surge in house purchases and could be behind a spike in .
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After March 31, the nil-rate threshold, which is the value of property you can buy without paying stamp duty, will be lowered from £250,000 to £125,000.
The drop means non-first-time buyers will see the amount of stamp duty payable on a £500,000 property increase from £12,500 to £15,000 after the deadline.
Property experts Upstix’s survey of buyers in the process of purchasing revealed that if they cannot complete the purchase before the deadline, 36% could try to renegotiate the price of their property to offset the Stamp Duty banding increases introduced in the Autumn Budget.
A quarter (24%) say they may have to borrow money if they miss the deadline, which could ultimately put their purchase at risk.
Meanwhile, one in five (19%) buyers said they could pull out of their property purchase altogether.
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Fred Jones, CEO of Upstix, said: “As thousands of buyers rush to complete their property purchases ahead of the Stamp Duty deadline, we’re seeing a conveyancing crunch that impacts buyers and sellers alike.
“Conveyancers are juggling high volumes of clients, all keen to press forward at speed, and it simply won’t be possible to meet all this demand.
“The upshot of this could be costly for both sides.
“Sellers may have to take a hit on the purchase price to offset buyers’ additional costs. In turn, buyers may have to borrow additional funds, with the added cost and risk that comes with this. Plus, both parties could be at risk of breaking their chains, which could have far-reaching implications for their finances, and their lives.”
Have you been affected by the stamp duty hike? Contact [email protected]