Stamp duty changes set to impact UK first-time buyers from April
manchestereveningnews.co.ukStamp duty concessions on house purchases are reportedly set to be scrapped, potentially adding up to £15,000 to the cost and threatening a first-time buyer boom.
According to analysis by experts at Hargreaves Lansdown, this would result in the percentage of first-time buyers paying no stamp duty when buying their first home dropping from 80 percent to 60 percent.
Simultaneously, the proportion of this group paying partial stamp duty is expected to double from 14 percent to 28 percent. The cuts to stamp duty were introduced by Liz Truss and Kwasi Kwarteng in the September 2022 Budget, but former Conservative Chancellor Jeremy Hunt announced these would end in April next year.
It's believed that Chancellor Rachel Reeves will proceed with this move, which could add thousands of pounds to the cost of purchasing a property.
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