The level of stamp duty free properties will fall by 20% of over 90,000 properties as of April when the stamp duty threshold reverts back to £300,000 for first-time buyers. Last week, Chancellor Rachel Reeves gave no indication in her Budget that the government would extend the current First Time Buyer stamp duty threshold, which is due to expire in March.
From 1 April 2025, the current stamp duty threshold up to which first time buyers don’t pay stamp duty in England is reducing by £125,000 from its current level of £425,000 down to £300,000.
This will lead to a reduction of 20% of properties that are not impacted by stamp duty for first time buyers.
While the national tax-free stock reduction stands at 20%, First time buyers in some cities are going to see a larger drop in the number of homes available to them.
There was hope that last week’s Autumn Budget would extend the current stamp duty relief given to first-time buyers, at the very least. Those currently on the hunt for their first property still have time to beat next year’s deadline but they need to complete within the next five months.
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