With the Stamp Duty hike just 100 days away, Coventry Building Society has reminded homebuyers of the value of expert advice as they look to minimise stress and beat the looming increase.
After 31st March 2025, the tax on an average home will rise by £2,500, with the nil-rate threshold for home movers decreasing from £250,000 to £125,000.
First-time buyers will also feel the impact, especially in the South East, as the threshold drops from £425,000 to £300,000.
In London, where the average first-time home costs £455,923, the Stamp Duty for first-time buyers will leap from £1,546 to £7,796 from 1st April 2025.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Buying a home can be one of the most stressful things people do, an expensive deadline only ramps up the stress.
“It’s going to be a busy few months for buyers, sellers, and everyone connected to the process as people race against time to save themselves thousands of pounds in tax.
“Not every part of the process is going to be in your hands, but staying organised, seeking expert help, and acting quickly will hopefully reduce some of the stress and help people get their keys ahead of the deadline.”
