Why home buyers are now at risk of paying over the odds for property [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
From April, the nil-rate threshold at which stamp duty starts being charged will fall from £250,000 to £125,000, after Chancellor Rachel Reeves decided against continuing support introduced by former prime minister Liz Truss in 2022. Simultaneously, increased house price growth will drag more buyers into higher tax bands. Some first-time buyers will be hit especially hard. Ms Truss's changes meant they would pay no stamp duty on the first £425,000 of a property's price, but this threshold will fall to just £300,000 from April. The changes will see the average stamp duty bill in England rise from £2,979 this year to £7,391 in 2029, according to analysis by estate agent Hamptons. The looming stamp duty increase is spurring buyers into action – sales of property agreed over the last four weeks were up 19pc compared to the same period in 2023, with buyer demand 25pc higher, according to property portal Zoopla. Property website Rightmove said it had already seen a rush from some
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