How to Ensure You’re Prepared for the Housing Rush Before April’s Stamp Duty Changes

The Top 5 Priorities for Housebuilders Planning for a Seamless Housing Rush

‘He who fails to plan is planning to fail’ is an age-old adage that is readily heeded by sensible businesses at any point in time but should be particularly noteworthy for housebuilders over the next month.  

On 1st April, the Stamp Duty changes will come into force, meaning the temporary increases to the thresholds that were put in place in September 2022 will come to an end. 

Although the changes will impact anyone planning to move home, first-time buyers are those who will be most affected.  As My Home Move Conveyancing explains, ‘Currently first-time buyers pay no stamp duty when buying a home worth £425,000.  This threshold will drop to £300,000, meaning they will go from paying nothing to paying £6,250 on stamp duty.’  This will play a significant part in decision-making for homebuyers trying to take their first step onto the property ladder, and is predicted to send the UK housing market into a rush of activity while house purchases are pushed through before April.

As a homebuilder, the next month might be met with a certain level of trepidation as well as excitement, as a busy period often poses challenges on our team and resources.  So, how can you prepare for success in the housing rush? 

In this blog, we will discover the top five priorities when implementing a strategy for success in the coming months, with as few surprises as possible. 

1.     Marketing and Presales Materials at the Ready

Let’s start with the development’s website or section of your website.  Is the availability information correct?  If not, be sure to update any plots that have since sold or add any newly available plots. 

How about the development’s visuals?  Are these vibrant and eye-catching enough to stand up against the competition?  Are they photos or CGIs?  If the photos are not attention-grabbing, consider another photo shoot.  Spring is nosing its way into the start of this weekend and can offer beautiful natural lighting, budding or blossoming trees and an array of colourful flowers that compliment a new home and its surroundings.  And if the images are still CGIs, consider how this looks to anyone visiting your website – that the homes aren’t yet built or available to purchase.  A video offering a sweeping view of the development can also provide a stunning visual for a development’s landing page.

As many homebuyers will be on an urgent hunt for a new or first home, you have to imagine how many websites they will have visited and what you can do to make yours memorable.

2.     Lean Into the Coming Changes

The stamp duty changes will be bringing a sense of urgency that homebuilders can channel for success, but for the buyers this deadline will likely be causing stress and anxiety. 

What can you do to show potential homebuyers that your company that will help them through this home purchase and at pace?  The answer might be as simple as this: talk about it and acknowledge it.  Provide some words of comfort about the speed and efficiency of your processes, and how you will make the purchase and home-move as quick and simple as possible.  You might dedicate a section of your website to this over the next month, or create a series of digital or hardcopy flyers that explain what buyers need to do and when, in order to make the April deadline.

Offering Reservation Manuals is always a good idea, as it sends a message to your buyers that you want to help them through the process of buying a new home.  Right now, they can also work as one of your biggest selling points.  When potential homebuyers can see that you are taking steps to help them through the homebuying process as quickly and confidently as possible, they will be comforted and encouraged that you are the homebuilder they can trust.

3.     A Calming Customer Care Team

You might be feeling a sense of urgency between now and April 1st but this will not compare to the homebuying individual’s anxiety about securing their new home before the deadline.  For some, not meeting this deadline would mean having to fall-through on the property purchase altogether, which would lose them their deposit and maybe even their chance of getting onto the property ladder.

This is a time when your customer care team can shine.  Ensure all members of your team are ready to face an increased number of calls, messages and queries, and how they too can stay calm and level-headed under the pressure.  If it hasn’t happened yet, offer additional training to this team on all the coming changes so that they can answer queries quickly and confidently.

Again, a digital or hardcopy flyer would be a useful tool here, especially if it included an FAQ section of queries your team are facing regularly, as this could alleviate some of the calls and messages coming their way, as well as provide something tangible that buyers can look to for advice on what they should be doing.

4.     Streamline the Buying Process

As homebuyers rush to complete their purchases before the stamp duty changes, it’s vital to ensure that your buying process is as seamless and quick as possible if you want to stand out.  Consider how to make the process easier and faster for buyers.  Have you considered offering digital options?  Features like VR Home Tours, online reservation forms, electronic signatures, and digital document submission can make a drastic impact on the speed of your operations.  The more you can minimise time-consuming paperwork and in-person visits, the more you'll appeal to buyers looking for a smooth and efficient experience.

It might also be helpful to offer ‘express’ pathways for buyers who are in a rush to secure their property before the April deadline. Can you fast-track mortgage approvals, or partner with local solicitors to ensure quicker turnarounds?  Highlighting your ability to meet these tight timelines can make all the difference in appealing to anxious buyers.

5.     Strengthen Your Aftercare Support

As the urgency to purchase increases, don't forget that post-sale support is crucial in maintaining strong relationships with your homebuyers.  With many anxious about the changes and the deadline, ensuring your residents feel supported long after they’ve signed their contracts will create trust and loyalty – and encourage future buyers that you are a conscientious homebuilder.  

Reassure your buyers that once they've made their purchase, you'll be there to support them every step of the way, whether that’s helping with the moving process, offering advice on local amenities, or guiding them through the home and its appliances and fittings, all of which can be effortlessly achieved if you supply your buyers with a Home User Guide.

This dedication to aftercare gives buyers the reassurance that you care about their experience even after the deal is done.  Additionally, a dedicated point of contact for post-sale questions or issues can help to provide peace of mind and can be detailed in the Home User Guide, whether that is digital or in print.  This level of service even encourages future referrals from buyers who felt that you went above and beyond during the purchase process.

Finally, to succeed over the next month will depend on to what extent you have prepared for the surge and the resources you have in place to cope with the increased activity as well as stand out above the competition.  We have been helping the housing industry through the highs and lows for over a quarter of a century and would happily offer guidance through our Head of Partnerships.  If you would like to discuss your plan for the next month, please get in touch here.