The majority of prospective homebuyers are unaware of upcoming Stamp Duty changes, according to research by Barratt David Wilson Homes.
Housebuilder Barratt David Wilson Homes advised buyers to consider purchasing a home now to avoid upcoming Stamp Duty increases set for April 2025.
Currently, there is no Stamp Duty on properties valued up to £250,000.
From 1st April 2025, buyers will incur a 2% tax on the portion of the property value between £125,000 and £250,000 and 5% on values exceeding £250,000.
Research found that 36% of prospective buyers were unaware of the impending changes, while 38% had some knowledge but lacked details.
Only 26% of prospective buyers felt fully informed.
The survey also highlighted mixed feelings about the fairness of the new thresholds, with 22% of respondents unsure about them.
As a result, Barratt David Wilson Homes has opened up its developments for viewing, encouraging prospective buyers to act quickly.
Terry Higgins, mortgage expert and group MD of TNHG New Build Mortgages, said: “The upcoming changes to Stamp Duty in April 2025 could have a big impact on buyers, the temporary increases to thresholds that were put in place in September 2022 will come to an end impacting everyone planning to move, particularly those taking their first step on the property ladder or moving to a new home.
Higgins added: “For first-time buyers, the re-introduction of tax on properties over £300,000 means they’ll need to budget for higher costs, which could make it harder to afford their ideal home.
“For existing homeowners and downsizers, the increased rates could mean paying thousands more in tax, especially in areas where property prices are higher.
He said: “However, there’s still an opportunity to avoid these extra costs by completing a purchase before the changes come into effect on 1st April.
“Acting now could save buyers thousands, and it’s a great time to explore properties that are ready to move into ahead of the deadline.
“Seeking advice and planning carefully will ensure buyers make the most of the options available to them.”
Steve Mariner, group sales and marketing director at Barratt David Wilson Homes, said: “As the sales process from initial reservation to completion typically takes 6-8 weeks, we would urge buyers to act now to beat the stamp duty rise on April 1.
“We don’t want anyone to have to compromise on their dream home and our Sales Advisers are on hand to discuss our offers available, some of which include Stamp Duty paid on selected properties.
Mariner added: “Our developments all have moving schemes and offers to make a move more affordable for our customers and we are ready to help prospective buyers take the first or next step on the property ladder in 2025.”
