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Why Over 70,000 Homebuyers Are Facing Increased Costs
In recent months, many homebuyers in England have found themselves grappling with an unexpected delay in the home-buying process. On average, it now takes about 163 days for transactions to complete, leaving thousands of movers concerned about missing the crucial stamp duty deadline set for March 31, 2025. A recent study predicts that around 74,000 of these buyers risk being impacted, resulting in an estimated additional £142 million in stamp duty payments.
The Financial Stakes: Understanding the New Stamp Duty Thresholds
Starting April 1, 2025, the thresholds for stamp duty are expected to revert to lower rates, catching many first-time buyers off guard. Currently, first-time buyers avoid tax on homes costing less than £425,000, a threshold that will drop to £300,000 next month. This change means that those who just miss the deadline may see their costs rise significantly, with some paying as much as £11,250 more.
The South East: The Hardest Hit Region
The South East will likely feel the brunt of these changes, as the region has the highest property prices in England. Approximately 14,000 movers there could face significantly increased costs. The shift in stamp duty policy poses a pressing issue, especially given the high stakes for first-time buyers.
Calls for Extension to the Deadline: A Solution for Buyers
Industry experts are calling for a temporary extension of the deadline to alleviate the pressure on those affected. With many homebuyers finding themselves in the lengthy conveyancing process, an extension would provide much-needed relief and support for buyers trying to finalize their purchases.
Summary of Insights
As the new stamp duty rules loom, both homebuyers and sellers must navigate these complex changes carefully. Awareness of these deadlines and potential costs will be key for anyone engaged in the property market as they work towards a successful home purchase.
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