Stamp duty hike hits first-time buyers

First-time buyers in London are set to face an average additional stamp duty bill of £6,250 from next spring, following Rachel Reeves's decision not to extend a previous discount. The tax-free threshold for homebuyers will revert to £125,000 from £250,000, and for first-time buyers, it will drop to £300,000 from £425,000. This change is expected to significantly impact new homeowners in London, where the average property price is £480,040. Overall, the changes will increase the average home purchase cost by £2,500 across the UK. 

The Times (21/10/2024)