Research from Lomond has revealed that 66% of homes currently listed for sale are priced below the first-time buyer Stamp Duty threshold of £425,000.
The analysis identified cities where first-time buyers had the best chance of purchasing properties without incurring Stamp Duty costs.
Bradford topped the list, with 94% of homes available below the threshold.
Others included Newcastle (91.7%), Liverpool (91.2%), Birmingham (88.6%), and Manchester (87.9%). In stark contrast, only 32.1% of current listings in London meet this criteria, while Brighton stands at 53.6%.
The findings highlighted a growing trend among first-time buyers to improve their current properties rather than move, particularly as 47% of Stamp Duty exempt homes have already gone under offer or sold.
Demand for these homes was high in Bristol, where 62.3% of properties listed at or below £425,000 had been purchased, followed by Sheffield (59.4%) and Newcastle (57.4%).
Ed Phillips, CEO of Lomond, said: “The lower stamp duty threshold has been a welcome reprieve for first-time buyers already shelling out vast sums to get on the ladder and, as our research shows, there’s plenty of stock available in the current market that would allow them to avoid a stamp duty when getting that first foot on the ladder.”
“However, the clock is ticking and those who wish to maximise the benefits of the current stamp duty exemptions need to do so before March 2025.
“Whilst this may sound like a long way away, the deadline will come around soon enough, particularly when you consider the prolonged timeline required when purchasing a property.”
Phillips added: “That is unless the Labour Party decides to make the first-time buyer stamp duty relief permanent in the Autumn Budget at the end of October.
“Will the party make that change? It would be popular, but Labour made no commitment in its manifesto and – with talk of a £22 billion black hole in the public’s finances – giving a tax break seems to go against the party narrative.”
