First-time buyers rushing to beat stamp duty deadline in higher-priced areas

First-time buyers are rushing to beat the stamp duty deadline on 1 April 2025 in more expensive areas, analysis from Rightmove shows.

At that date the minimum stamp duty thresholds in England will drop from £425,000 to £300,000.

In London, only 8% of homes for sale will be stamp-duty free for first-time buyers from April. It’s 24% in the South-East, and 32% in the East of England.

Tim Bannister, Rightmove’s property expert, said:

“With stamp duty thresholds in England lowering from April, we’re seeing early signs of first-time buyers reacting.

“In London and higher-priced areas, where first-time buyers are most likely to be affected, we’re seeing some pull forward their plans to try and avoid higher charges.

“In most other areas of England, which have a greater availability of stamp duty-free homes for first-time buyers, we’re seeing the opposite trend of some first-time buyers taking a pause for breath with no further help announced in the Autumn Budget.

“However, the long-awaited second Bank Rate cut should hopefully boost optimism amongst movers and help to improve affordability during 2025.”

It currently takes an average of five months (151 days) to complete a property transaction after agreeing a sale, so first-time buyers would need to beat the average in order to complete before 1st April.

Kindly shared by Property Wire