Buyers Race to Finalize Deals Ahead of Stamp Duty Increases in England and Northern Ireland
With stamp duty thresholds set to decrease on April 1, buyers face mounting pressure to complete transactions before the March 31 deadline to avoid higher costs.
- Stamp duty 'nil rate' thresholds will drop significantly on April 1, raising costs for first-time buyers and home movers in England and Northern Ireland.
- First-time buyers purchasing homes above £300,000 and home movers buying above £125,000 will face higher tax bills under the new rules.
- The changes are expected to disproportionately impact buyers in high-cost regions like London, where fewer homes fall within the new thresholds.
- Solicitors and conveyancers are working extended hours to manage a surge in transactions as buyers rush to complete purchases before the deadline.
- Lenders, including Yorkshire and Nottingham Building Societies, are offering cashback deals to help offset the financial burden of the increased stamp duty costs.
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