Home Buyers Race to Beat Stamp Duty Rise
Home buyers in England and Northern Ireland are scrambling to complete purchases by the end of March or face paying thousands of pounds extra in stamp duty. First-time buyers, already struggling with affordability, will be hit particularly hard as the government's new threshold increases from £125,000 to £425,000 for those buying their first property. The higher thresholds will revert to previous levels on 1 April, leaving many in the "danger zone" facing significant extra costs.
- As the deadline looms, it is becoming clear that the government's measures are more likely to increase housing costs and exacerbate the UK's affordability crisis.
- What role do policymakers believe lenders should play in helping first-time buyers navigate these increased stamp duty demands and avoid falling into debt?