Around 575,000 home moves are stuck in a 'log jam' in the conveyancing process ahead of changes to the stamp duty regime in April, data suggests. 

While it will be too late for many, 'many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax', Colleen Babcock, a property expert at Rightmove, said. 

The property portal estimates 74,000 moves, which includes 25,000 first-time buyers, will just miss the 31 March deadline and complete in April instead. 

From 1 April, buyers will start paying stamp duty if the property they are purchasing costs more than £125,000, rather than the £250,000 they start at now.

The maximum extra charge for home movers that miss the deadline is £2,500.

First-time buyers currently pay stamp duty if their home costs more than £425,000. This will drop to £300,000 from 1 April.

This means instead of paying no stamp duty on a purchase worth £425,000, from next month they will pay £6,205. 

Average asking prices rise over £3,800 

The average price of property coming to up for sale this month was £371,870, representing a £3,876, or 1.1 per cent, increase from the previous month, Rightmove said. 

Rightmove claimed the 1.1 per cent increase indicated that many sellers were pricing 'sensibly' amid decade-high competition to sell. 

Buyers, meanwhile, are enjoying 'the best choice of properties for sale at this time of year since 2015.'

Scotland saw the largest spike in month-on-month asking prices, seeing a 3.8 per cent increase to £196,643 this month. 

In London, average asking prices increased by 1 per cent this month, giving the capital a sizeable average asking price of £695,855. By contrast, average asking price are lowest in the north east of England, at £193,662. 

Amid an upturn in the number of properties being listed, the average five-year fixed mortgage rate was 4.74 per cent this month, down from the peak of 6.11 per cent in July 2023, but only marginally lower than the 4.84 per cent at this time last year, according to the research.

Rightmove added: 'Mortgage rates remain only fractionally lower than at this time last year as buyer affordability remains stretched, and Rightmove welcomes proposals by the regulator to look at ways responsible lending can be simplified.'  

Babcock, of Rightmove, said: 'Historic averages show that this March is likely to be one of the strongest months of the year for sellers to spring into action. 

'However, sellers can't just rely on these historic averages for success, as this year they are facing a decade-high level of competition. 

'Those who are successfully finding buyers right now are working hard with their agents to price competitively and present their home in the best possible light.'

She added: 'The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax. 

'Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves.' 

Sarah Bush, head of residential sales and lettings at Cheffins, said: 'The market is performing well, and the number of property exchanges we're seeing is ahead of last year. 

'Despite the upcoming changes to stamp duty, we haven't seen any slowdown in buyers' appetites to purchase a home, even now knowing that they won't meet the deadline of 31 March.' 

Jeremy Leaf, a north London estate agent and former RICS residential chairman, said: 'One person's meat is another's poison. Just as taking advantage of the stamp duty concession becomes impossible so the new wave of buyers who tried but failed to find a new home in time are enjoying their best choice for some time.

'On the ground, it is clear that a fair number of those buyers will be unable to beat the deadline so it will be interesting to see what proportion stay on for the ride. Fortunately for them, we have found most of those owners seem motivated to sell.

'As a result, we're expecting some hard bargaining over the next few weeks as buyers and sellers seek to find 'middle ground' with sale prices softening but staying close to asking levels as the market continues to bare its teeth.'