Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

First-time buyers rush to complete purchases ahead of stamp duty increase

by November 28, 2024
November 28, 2024
First-time buyers rush to complete purchases ahead of stamp duty increase

First-time homebuyers in some of the UK’s most expensive areas are hurrying to finalise property purchases before April 1, when stamp duty costs are set to rise by an average of £6,300, according to new data from Rightmove.

Demand for homes among first-time buyers in London has increased by 3 percentage points since the recent budget announcement, with many expressing a strong interest in completing transactions by March 31.

From April 1, the stamp duty exemption threshold for first-time buyers will decrease from £425,000 to £300,000. This change means that properties priced above £300,000 will incur stamp duty costs, disproportionately affecting buyers in London, the East of England, and the Southeast, where property prices are highest. Rightmove reports that only 8% of homes in London will remain stamp duty-free for first-time buyers after the change, compared to 32% in the East and 24% in the Southeast. In contrast, 73% of homes in the Northeast will still be exempt.

Property consultancy Savills estimates that the average first-time buyer in London will see stamp duty costs increase from £2,752 to £9,002, an additional £6,250. Despite the urgency, the average property transaction takes about five months (151 days) to complete, leaving little time for new buyers to finalize purchases before the April deadline, given there are only 124 days until the changes take effect.

Past stamp duty changes have led to surges in property transactions as buyers rush to meet deadlines. Research by Savills during the 2021 stamp duty holiday showed that sales leapt from 143,460 in February to 177,300 in March ahead of a March 31 deadline. Similarly, just before the extended deadline on July 1, purchases jumped from 114,800 to 204,370 in June. However, agents have noted that such rushes can lead to buyers overpaying for properties, sometimes negating the stamp duty savings.

Read more:
First-time buyers rush to complete purchases ahead of stamp duty increase

0
FacebookTwitterGoogle +Pinterest
previous post
Millions of Britons abandon X amid backlash against Elon Musk’s leadership
next post
UK car production declines for eighth consecutive month amid EV transition challenges

You may also like

How do you scale a business? Unlock potential...

May 23, 2024

Reddit Shares Surge Following OpenAI ChatGPT Partnership

May 17, 2024

Chapel Down on the Market Amid Soaring Demand...

June 25, 2024

Sadiq Khan Unveils Plan to Create 150,000 High-Quality...

April 3, 2024

Flexi time used by staff to skive off,...

September 5, 2022

FCA over-regulation risks choking crowdfunding and harming small...

December 2, 2024

Secrets of Success: Adam Root, Founder of Gulp...

November 15, 2022

Openreach scales back UK ultrafast fibre broadband

November 24, 2022

Brent Hoberman’s Founders Forum Group acquires Tech Nation

April 25, 2023

Brexit Fallout Continues to Impact Businesses – Urgent...

February 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • America’s Not-So-Secret Secret Police

      August 7, 2025
    • Poll: Nearly 1 in 4 Americans Think They Have a Personal Social Security Account

      August 7, 2025
    • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

      August 7, 2025
    • Who is Anita Dunn? The Biden confidante who clashed with Hunter grilled in House autopen probe

      August 7, 2025
    • Case v. Montana Brief: Limit Loopholes to the Fourth Amendment

      August 7, 2025
    • Trump opens $9tn US retirement market to crypto in landmark executive order

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,184)
    • Politics (16,333)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved