Overview

• 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.