Buying at auction now the only viable way of beating the stamp duty deadline

Purchasing a property at auction is likely to be the only way you can get a deal over the line before the stamp duty thresholds change.

From April 1st, the minimum stamp duty thresholds will drop from £250,000 to £125,000, and from £450,000 to £300,000 for first-time buyers.

A spokeswoman from Auction House London said auctions are the speediest way to buy and sell because completion typically happens within 28 days.

Unlike traditional purchases, which can take months due to mortgage approvals, legal checks, and potential delays, auction sales follow a strict timeline: Once the hammer falls, the buyer is legally committed, with contracts exchanged immediately.

Andrew Binstock, housing expert at Auction House London said:

“Pre-approval is crucial, so before bidding, make sure your mortgage lender has approved your loan in principle. This will give you clarity on your budget and confidence to bid.

“At auctions, buyers must pay a deposit typically 10% of the purchase price and any associated fees immediately after winning the bid.

“Auction sales require completion within 28 days, so your mortgage application must be processed quickly.

“Lenders will assess your purchasing property. Homes in poor condition or with structural issues might be deemed unsuitable for a mortgage, so always review the property’s legal pack and carry out an appropriate survey beforehand.”

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