First-Time Buyers Rush Before Stamp Duty Changes

First-time buyers in England are rushing to finalize property purchases before the stamp duty threshold drops from £425,000 to £300,000 on April 1, 2025. Rightmove reports that only 8% of homes for sale in London will be exempt from stamp duty for first-time buyers post-April, with slightly higher percentages in the South East (24%) and the East of England (32%). Following the recent autumn Budget, demand from first-time buyers has increased significantly, with inquiries up by 31% in London and 32% in the East of England compared to the previous year. The average time to complete a property transaction is currently around five months, prompting urgency among buyers to act quickly. With the expiration of the temporary relief, brokers note that many first-time buyers are scrambling to secure homes and avoid incurring extra costs. The rising stamp duty charges are expected to have less impact in regions with ample properties priced below the new threshold.