It has been a full year since the government stamp duty threshold changes came into effect in April 2025, and the impact on the Lancashire and Greater Manchester property market has been significant.
What Changed?
The nil-rate threshold for stamp duty was adjusted, meaning buyers now pay stamp duty on a different portion of the purchase price. For first-time buyers, the threshold was also revised, affecting affordability calculations across the board.
The Impact Locally
In Chorley and surrounding areas, we have seen a period of adjustment. The initial rush before the changes settled into a more measured pace of transactions, but demand for well-priced family homes has remained strong.
First-time buyers have been most affected, with some needing to adjust their budgets. However, the combination of stabilising mortgage rates and continued wage growth has helped offset much of the impact.
What This Means for Sellers
If you are thinking of selling, the key takeaway is that pricing accurately from day one is more important than ever. Buyers are more cost-conscious and doing their homework. An honest, realistic valuation based on current market data will attract serious buyers and achieve the best possible price.
At Clarke Residential, we provide valuations based on real comparable evidence, not inflated figures designed to win instructions. That is why our homes achieve an average of 103% of asking price.