Currently, first-time buyers pay no stamp duty when purchasing a home worth up to £425,000 thanks to ‘stamp duty relief’.
Over half a million homebuyers face losing an up to £11,250 in the coming months as they race to complete purchases ahead of Labour’s upcoming changes to stamp duty, according to a property website.
Marc von Grundherr, director of London-based estate agents Benham and Reeves, told The Telegraph: “The average London first-time buyer is set to see the stamp duty owed on their purchase increase by around £6,000-£10,000, so it’s a considerable increase in cost.
Rightmove’s property expert Colleen Babcock said: “The upcoming stamp duty deadline in England remains a key talking point, and while some movers may not be affected at all, others will be more severely impacted.
This is below the longer-term average of 0.8 per cent, a “proactive measure” says Ms Babcock, as sellers factor in the looming increase in stamp duty.
