More than 100,000 homebuyers across England and Northern Ireland are racing to complete property transactions before the March 31 deadline, after which stamp duty thresholds are set to revert to pre-2022 levels. The changes, effective April 1, could add thousands of pounds to the cost of buying a home—particularly affecting first-time buyers and those purchasing in higher-priced regions.
Currently, first-time buyers benefit from a tax-free threshold of £425,000, while all other buyers enjoy relief up to £250,000. From April, those thresholds will drop significantly to £300,000 and £125,000, respectively. As a result, industry analysts estimate that roughly 74,000 buyers could miss the cut-off, potentially paying a combined total of £142 million more in stamp duty.
The looming changes have created a surge in demand across the housing market, overwhelming solicitors, mortgage brokers, and removal services. Many conveyancing professionals report delays as firms struggle to handle the influx of last-minute transactions. First-time buyers, who often rely on mortgage approvals and longer processing times, are especially vulnerable to missing the deadline.
Despite growing calls from real estate professionals and legal experts for the government to extend the relief period, officials have confirmed that the tax revisions will proceed as scheduled. The stamp duty discount was originally introduced in 2022 as part of a temporary measure to stimulate the housing market following the pandemic, but its expiry now threatens to price out some buyers or delay transactions altogether.
The situation is especially acute in high-cost areas like London and the South East, where property prices routinely exceed the incoming lower thresholds. Many buyers are accelerating paperwork and relying on expedited legal services in hopes of avoiding the additional financial burden.
As the deadline looms, homebuyers face a tense race against time. The scramble highlights both the volatility of tax policy in shaping housing decisions and the structural bottlenecks that can slow down even routine transactions under pressure. With no extension in sight, thousands of buyers are left navigating a congested and competitive market, hoping to close their deals before the clock runs out.
