As the deadline for stamp duty relief approaches, home buyers in England are rushing to finalize purchases to avoid high additional costs. A report highlights that 74,000 movers might miss the deadline, collectively facing £142 million in extra stamp duty payments. Currently, first-time buyers benefit from a relief threshold at £425,000, which is poised to drop to £300,000 in April, further complicating the housing market. This impending change could affect about 25,000 first-time buyers poised to miss the cut-off, emphasizing the urgency of their transactions.
Home buyers are scrambling to complete purchases by the end of the month as they face thousands in extra costs due to the looming stamp duty deadline.
Currently, first-time buyers pay no stamp duty when purchasing a home worth up to £425,000 thanks to stamp duty relief.
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