What does this mean for the market now?

While March’s transaction numbers are undoubtedly impressive, it’s important to note that some of this activity has likely been brought forward. Buyers who may have otherwise completed purchases in April, May, or later in the year chose to accelerate their plans to avoid higher stamp duty costs.As a result, it’s reasonable to expect a short-term lull in activity in the months immediately following the deadline. However, the outlook for the rest of the year is not necessarily bleak. In fact, recent interest rate cuts may help to offset the post-deadline slowdown by making mortgages more affordable and restoring some buyer confidence.With inflation falling and borrowing costs gradually easing, more households may feel confident enough to re-enter the market later in the year, potentially smoothing out the dip caused by the March spike.

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