UK Buyers Rush to Finalize Home Purchases Before Stamp Duty Hike
With just three days until new stamp duty thresholds take effect, tens of thousands face higher costs or abandoned deals as the housing market surges.
- From April 1, 2025, the 'nil rate' stamp duty threshold will decrease to £300,000 for first-time buyers and £125,000 for other buyers, doubling the share of first-time buyers subject to the tax.
- The impending changes have driven a 28% year-on-year increase in February home sales, with conveyancing firms overwhelmed and some handling double their usual caseloads.
- An estimated 74,000 buyers are projected to miss the March 31 deadline, collectively incurring an additional £142 million in stamp duty costs.
- First-time buyers in high-cost regions like London face the steepest challenges, with only 9% of homes remaining under the new £300,000 'nil rate' threshold.
- The policy is expected to generate £1.1 billion annually for the government but could slow house price growth and exacerbate regional disparities in housing affordability.
The Independent 
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