Stamp Duty Thresholds to Drop in April, Raising Costs for UK Homebuyers
The end of temporary stamp duty relief will increase taxes for thousands of first-time buyers and home movers starting April 1, with many scrambling to meet the deadline.
- The stamp duty threshold for first-time buyers will decrease from £425,000 to £300,000, and for other buyers, it will drop from £250,000 to £125,000 starting April 1, 2025.
- Homebuyers in England and Northern Ireland who miss the deadline could face thousands of pounds in additional taxes, with first-time buyers in some regions seeing increases of up to £11,250.
- Property experts estimate that 74,000 buyers may fail to meet the deadline, collectively incurring an additional £142 million in stamp duty costs.
- The changes will disproportionately impact buyers in southern England, particularly in London and the South East, where property prices are higher.
- While buyers already in the final stages of purchases may still meet the deadline, experts recommend quick responses to conveyancers and proactive communication to avoid delays.
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