Prospective homebuyers are urged to have transactions underway and offers accepted before Christmas if they are to have a chance of completing before 1 April 2025, when significant changes to Stamp Duty Land Tax take effect. The announcement comes from conveyancing firm Simply Conveyancing, which is already reporting a significant uptick in transactions.
Sue Bence, COO of Simply Conveyancing, advises: "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.
First-time buyers in England and Northern Ireland are currently exempt from paying stamp duty on properties priced up to £425,000. Starting April 1, 2025, homes priced between £300,001 and £500,000 will attract a 5% stamp duty charge.
Sue concludes: “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.”
