Evidence suggesting first-time buyers are racing against the clock to beat a Stamp Duty deadline, has emerged by Rightmove. FTBs currently pay Stamp Duty if their home costs more than £425,000, which is set to drop to £300,000 at the end of March.The temporary relief was introduced by the previous Conservative government, and the current Chancellor Rachel Reeves has refused to extend it.Now, analysis by Rightmove shows that in more expensive areas, FTBs are rushing to seal the deal before 1 April.In London, only 8% of homes for sale will be Stamp Duty-free for first-time buyers from April. It's 24% in the Southeast, and 32% in the East of England.These areas have seen an uptick in first-time buyer demand since the Budget at the end of October, suggesting some first-time buyers are in a hurry to avoid paying higher charges.The upward trend compares with most other areas of England that have seen a decline in demand since the Budget, except for the Northeast.Rising Stamp Duty charges are likely to have less impact in areas where there is already a wide availability of homes below the £300,000 threshold, Rightmove says.
