UK Home Buyers Face Higher Stamp Duty Costs April 1

Starting April 1, significant changes to Stamp Duty Land Tax (SDLT) will increase costs for home buyers in England and Northern Ireland. The nil rate threshold for first-time buyers will decrease from £425,000 to £300,000, while for existing homeowners, it will drop from £250,000 to £125,000. This shift is expected to double the proportion of first-time buyers liable for stamp duty, increasing from 21% to 42%, and raise the share for existing homeowners from 49% to 83%. Despite these changes, housing market activity remains strong, with a reported 5% year-on-year increase in sales. Experts predict buyers may negotiate with sellers to share the burden of increased costs, potentially influencing house price growth. Recent figures show a surge in mortgage approvals and sales as buyers rushed to complete transactions before the deadline.