The article highlights the pressing deadline for over 550,000 homebuyers in the UK who are racing to finalize their purchases before upcoming changes to stamp duty take effect on April 1. With the completion timeline taking an average of five months, buyers must act quickly to avoid losing substantial savings. Current thresholds for stamp duty will decrease, particularly impacting first-time buyers who presently benefit from relief. The piece emphasizes the critical nature of these developments in the context of the ongoing property market dynamics.
A new report from Rightmove shows that there are currently 550,000 homes which have been sold that are awaiting completion, up 25 per cent from the same time last year.
Currently, first-time buyers pay no stamp duty when purchasing a home worth up to 425,000 thanks to stamp duty relief. After this, they will pay five per cent on the remaining amount.
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