HOME BUYERS in England and Northern Ireland are racing to complete their purchases before 1 April, when stamp duty thresholds will change, potentially costing them thousands of pounds.
Currently, home purchases under £250,000 are exempt from stamp duty, but this threshold will revert to £125,000.
For most first-time buyers, the exemption will drop from £425,000 to £300,000. The changes, introduced during the September 2022 mini-Budget, could lead to higher costs for many buyers.
Paul Gorton, who appeared on the 2024 series of The Traitors, and his partner Kate Waldron are trying to complete their home purchase in Congleton, Cheshire, before the deadline.
"We're on a knife edge, we've got weeks, otherwise it's going to cost us a large chunk for no reason," Gorton told the BBC. Missing the deadline would add £6,500 to their costs. Waldron, who recently gave birth, described the process as "an added stress."
Estate agent Karen Potter in Southport said 37 of her clients were at risk of missing the deadline. "In a stressful arena anyway, we've got this panic where there's another source of strain and stress for them," she told the BBC.
According to Rightmove, 25,000 first-time buyers and 74,000 home movers in England may be unable to complete in time. The Skipton Group's analysis shows that the proportion of areas where the average first-time buyer home falls within stamp duty requirements will rise from 8.4 per cent to 32 per cent.
Jonah Kavanagh and Elle Van Petersen, looking to buy in Guildford, said failing to complete before the deadline would cost them £11,000. "It feels like we are in a race, and our prize is £11,000," Kavanagh told the BBC.
The government has defended its decision, saying the budget aimed to address public finances while freeing up properties for first-time buyers.
"We're committed to making home ownership possible for hardworking Brits, that's why we're fixing the planning system and building 1.5 million more homes," a Treasury spokesperson said.
