17 Mar 2025
Stamp Duty Rush as Deadline Looms
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
Unfortunately, around 74,000 homebuyers are unlikely to make the deadline Rightmove reports. Those who complete the homebuying process after 31st March face additional tax costs, some paying more than £11,000 than if completion took place before the threshold changes.
Asking prices for homes that have come to market in March have increased by 1.1%. This is in line with historical trends for March as it is typically one of the most popular months for sellers.
25,000 first-time buyers are estimated to miss the Stamp Duty deadline incurring approximately £142 million in additional tax costs.
It’s not all negative news as the housing market still remains steady despite the worries about the upcoming tax changes. Rightmove has shared that sales agreed are 9% up compared to this time last year, and property listings have grown by 8%.
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