A warning has been issued by national conveyancing firm Simply Conveyancing to prospective homebuyers about the upcoming changes to Stamp Duty Land Tax (SDLT) taking effect on 1st April 2025.
The firm advised that buyers should have their offers accepted and transactions underway before Christmas to avoid the additional financial burden of the new thresholds.
The firm reported a significant uptick in transactions since the October Budget, with many buyers racing to beat the deadline.
Sue Bence, COO of Simply Conveyancing, said: “With Stamp Duty changes on the horizon, it’s crucial for buyers to act swiftly.
“Having an offer accepted and legals in motion before Christmas will give home movers the best chance to avoid the additional financial burden of the new thresholds.”
While cases vary, the current majority of offer accepted to completion times take around 3-4 months according to latest Land Registry figures, without accounting for additional industry strain.
Bence added: “Since the October Budget, when it became clear that the previous temporary Stamp Duty thresholds would not be extended, and with interest rates gradually steadying, we have seen a significant uptick in transactions as people race to beat the deadline.
“While this is positive on the whole, it puts additional strain on the entire transaction ecosystem from lenders to agents, local authorities and conveyancers, so buyers should be mindful of this to avoid disappointment and being hit with additional moving costs.”
