The Jackson-Stops Housing Mobility Report found that 28% of owner-occupiers whose moving plans had been delayed said stamp duty costs were the main barrier.
Other challenges cited were economic uncertainty, cited by 42% of respondents, while 29% cited mortgage rates.
Jackson-Stops said that when applied to the wider market, removing stamp duty costs could bring more than 300,000 homes to the market in less than a year, with this potentially rising to over 750,000 homes within three years.
Nick Leeming, chair of Jackson-Stops, said stamp duty was part of the wider mobility challenge.
“While it is not the only factor shaping moving decisions, our data shows it remains a meaningful barrier for some would-be movers. Any serious discussion about improving housing mobility should consider both the transaction process itself and the upfront costs people face when deciding whether to move,” Leeming added.
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Certainty would encourage moves
The report also looked at the impact of uncertain transaction timelines on housing activity, in light of the government’s reforms to the home buying and selling process.
It said around 260,000 homes in England could be brought to market within a year if the timelines were shorter.
The firm said the current timeline of around 120 days once an offer is accepted and the fact that a third of transactions fell through was costing the economy up to £1.5bn each year.
The firm said the government’s aim to reduce transaction times by around four weeks could motivate would-be movers.
Leeming said the report highlighted an “industry-wide challenge”, with “would-be movers hesitating before they even begin”.
He added: “The government’s proposed reforms are a positive and necessary step. Measures that improve upfront information sharing, strengthen professional standards and provide greater certainty earlier in the process should help buyers and sellers move with more confidence.
“The key now will be implementation, ensuring the reforms are phased carefully, clearly understood by consumers and workable for the agents, conveyancers, lenders and other professionals who will need to deliver them in practice.
“The market is active, and people continue to buy and sell homes every day. But our research indicates there is a sizeable group sitting behind that activity. People who could move, and in many cases would like to move, but who need greater confidence in the process in order to do so.”
The impact of late-stage transaction failures on movers
The potential for things to go wrong in the later stages of a transaction was also impacting confidence, the report suggested. Among the owner-occupiers whose moving plans had been delayed, postponed or abandoned in the last five years due to gazundering, around 80% said they would consider moving within three years if this was no longer a problem.
Among those who experienced gazumping, around 60% said they would consider moving in the near future.
Leeming said: “There will always be financial and personal reasons why people decide whether or not to move. But this research shows that there is a group of would-be movers who may be encouraged to act if the process feels clearer, more predictable and easier to navigate.
“Improving certainty will not solve every housing challenge, and affordability, mortgage rates and wider economic conditions will continue to shape decisions. But the home moving process is one practical area where improvement can support confidence.
“A healthier housing market is about more than building new homes, essential though that is. It is also about helping existing homes circulate more freely, so that more people can make the move that is right for them.”
