First-time buyers urged to 'act now' ahead of major £300,000 change coming in April 2025

manchestereveningnews.co.uk:

First-time buyers are being urged to take advantage of the current stamp duty threshold before the changes come into force in April 2025.

Property experts are encouraging anyone looking to buy their first house priced below £425,000 in the coming months to 'act now' before the threshold is reduced to £300,000 next year.

It comes as Rachel Reeves announced a big change to stamp duty tax during Labour's first Budget. The Chancellor of the Exchequer delivered the Autumn Budget last month (October 30) where she made announcements on taxes, wages, pensions, benefits and the cost of living.

Currently, first-time buyers are exempt from paying stamp duty on properties priced up to £425,000. For properties priced over this amount, they pay stamp duty tax at 5 percent up to the value of £625,000. READ MORE: 'We started out in a tiny two-bed bungalow - now we own our dream million-pound house' However from April 1 2025, the Chancellor has announced that the stamp duty threshold will be reduced to £300,000 for first-time buyers.