Stamp duty deadline sparks buying frenzy

With less than 11 weeks until the 1 April deadline, first-time buyers are hurrying to secure homes before the stamp duty threshold drops from £425,000 to £300,000. The change means that a buyer purchasing a home worth £625,000 will see their stamp duty bill increase from £10,000 to £21,250. The average conveyancing process takes 12-16 weeks, making it crucial for buyers to act swiftly. Those purchasing leasehold properties may face additional delays due to complex paperwork, while freehold purchases are more likely to complete in time. Buyers are advised to engage solicitors and mortgage brokers early to improve their chances of meeting the deadline.

Daily Mail (18/01/2025)