Stamp duty reforms set to take effect in the UK on April 1 are pushing many hopeful homebuyers out of the market due to increased tax liabilities. The current exemption threshold for stamp duty is halving from £250,000 to £125,000, and first-time buyers' exemption drops from £425,000 to £300,000. This change is causing panic among buyers racing to complete purchases before the new rules, with experts like David Hannah stressing that it will shatter the dreams of thousands aiming to own homes amidst already high prices.
As sweeping stamp duty changes threaten to add thousands of pounds to their tax bills, homebuyers have been rushing to beat the deadline as many panic over the incoming extra charges.
Currently, buyers of homes worth up to £250,000 are exempt from stamp duty, but next month this threshold will be halved to £125,000.
David Hannah warned that these changes could shatter homeownership dreams for thousands of aspiring buyers, stating, 'With 26% of Brits already unable to afford property due to stamp duty costs...'
The proportion of areas in England where the average first-time buyer home is subject to stamp duty will jump from 8.4% to 32%.
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