Which? Why you need to act now to stop your stamp duty bill from doubling
Feb 20, 2025
Stephen Maunder, Which? mortgage expert, and David Hollingworth, Associate Director of L&C Mortgages, delve into the critical changes in the mortgage market. They discuss the recent drop in the Bank of England's base rate and its impact on first-time buyers. The duo highlights the surge in stamp duty rates, which could add thousands to tax liabilities, urging potential homeowners to act swiftly. They also provide insights on navigating current housing market challenges and opportunities, emphasizing the importance of seizing financial advantages before looming deadlines.
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Impact of Base Rate Cut
- The base rate cut signals a downward trend in interest rates, boosting confidence for potential homebuyers.
- Increased confidence arises from the reduced likelihood of sudden interest rate hikes.
Stamp Duty Deadline
- Complete your house purchase before April 1st to avoid higher stamp duty costs.
- The increased stamp duty will significantly impact homebuyers after the deadline.
Stamp Duty Impact
- The impending stamp duty change creates a potential financial burden for homebuyers.
- Delays in the purchase process can push buyers into a higher tax bracket, adding thousands to their costs.