With the 1st April deadline looming, its reported that 550,000 homebuyers are racing to complete purchases before stamp duty jumps back to its 2022 levels. 

We have read that sales awaiting completion are up 25% from last year, with an average five-month wait putting pressure on buyers to beat the deadline.

Currently, first-time buyers pay no stamp duty on homes up to £425,000 when purchasing a property worth up to £625,000, but from 1^st April, that drops to £300,000. The upper limit will also fall from £625,000 to £500,000.

It's not just the first-time buyers taking a hit, currently stamp duty is only owed on amounts over £250,000, however from 1^st April, only the first £125,000 will be exempt.

Despite the cost increase, it looks like most buyers are still pressing ahead, with some even renegotiating offers to offset the hike.

According to our research, regardless of the impending cost increases, property experts such as Rightmove are predicting the demand to stay strong; especially if interest rates continue to fall. With mortgage rates already dipping below 4%, we believe buyers remain hopeful for a more affordable market ahead.