Stamp Duty rush in full flow for First Time Buyers!

- Wed 04 Dec 2024

The stamp duty incentive that came into effect in October 2022 by the previous government is due to end on 31st March 2025. With some expecting an extension to this in the autumn budget, which didn’t materialise, meaning anyone seeking their first home will have to pay stamp duty on a purchase over £300,000 from 1st April 2025.

Whilst clearly affecting the higher value areas, or more wealthy first timers, this has caused an increased volume of activity over recent weeks as Darren Ellis, Bradleys Estate Agents Sales Director explains “Due to the home buying process taking several months, the average in the south west is currently 134 days, although I’m pleased to say ours currently sits at 111 days, first time buyers are having to take action now to ensure they don’t have to pay stamp duty should they be buying over £300,000.”

Property website Rightmove have reported an upturn in activity in searches up to £425,000, the current threshold before first time buyers must pay the property tax and furthermore issue warnings to act now, as they report the national average for property completions is 154 days.

Darren continued “Following the second base rate cut by the Bank of England, mortgage rates could begin to lower, along with other costs having reduced in recent months which enables buyers to find some stable ground in their outgoings which means they can turn to seeking their first home, however they do need to act quickly.”

Bradleys Estate Agents offer property for sale across the South West with 30 offices from Taunton in Somerset to Penzance in Cornwall, including offices in Exeter, Torquay, Plymouth, Newquay and many more. Their mortgage team can provide help establishing affordability whether via the telephone, video call or in person, comparing the hundreds of mortgage products available to find the best mortgage for you

Stamp Duty rush in full flow for First Time Buyers!

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