Home buyers across England and Northern Ireland are facing a race against time to complete their purchases before the looming stamp duty deadline on 1 April. This rush is driven by the potential thousands of pounds in extra costs that buyers could face if they miss the cutoff. First-time buyers, already grappling with affordability challenges, are particularly vulnerable to these changes in stamp duty thresholds.
Paul Gorton and his partner Kate Waldron are one of the many couples caught in this high-stakes situation. Paul, a 37-year-old who appeared in the 2024 series of the reality TV show “The Traitors,” and Kate are anxiously trying to finalize the purchase of their first home in Congleton, Cheshire. This situation is compounded by the recent birth of their three-month-old baby, Cooper, in addition to caring for their two-year-old son, Charlie, and their furry friend, Buddy the dog.
The couple is feeling the pressure of the deadline, knowing that missing it would result in an additional cost of £6,500, on top of their already stretched finances. This scenario is all too familiar for Karen Potter, an estate agent in Southport, who has around 37 clients facing the same dilemma. The stress of trying to meet this deadline is palpable, adding another layer of anxiety to an already tense situation for buyers.
According to estimates from property portal Rightmove, approximately 25,000 first-time buyers and 74,000 home movers in England are at risk of missing the deadline. Mortgage brokers are witnessing buyers backing out of deals due to the tight timeframe, with areas like the south east of England, where house prices are higher, being particularly affected.
Jonah Kavanagh and Elle Van Petersen, a couple looking to purchase their first home in Guildford, are also feeling the heat. They are racing against time to complete their purchase and avoid paying an additional £11,000 in stamp duty. The pressure is mounting for them, as they navigate through the uncertainty and anxiety of the situation, compounded by the lack of an extension to stamp duty relief in the Budget.
The government has defended its stance, emphasizing the need to address the public finances and make housing more accessible for first-time buyers. However, for buyers like Jonah and Elle, missing the deadline could mean sacrificing essential living expenses, furniture, and other unforeseen costs.
As buyers scramble to beat the stamp duty deadline, there are some strategies they can consider to make their mortgages more manageable. Overpayments, moving to an interest-only mortgage, or extending the life of the mortgage are all options that could help alleviate some financial strain.
In a time where every penny counts, home buyers are navigating a challenging landscape to secure their dream homes while avoiding hefty stamp duty bills. The clock is ticking, and for many, the financial stakes are high. As the deadline approaches, the pressure is on to complete purchases before the window of opportunity closes—an all-too-common scenario for many buyers in today’s competitive housing market.
