This article is from the source 'bbc' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.bbc.com/news/articles/cgm1wre28dzo
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Home buyers race to beat stamp duty rise | Home buyers race to beat stamp duty rise |
| (about 1 hour later) | |
| Paul and Kate say the cost of buying a home is already tough to deal with | Paul and Kate say the cost of buying a home is already tough to deal with |
| Home buyers are scrambling to complete purchases by the end of the month or face paying thousands of pounds extra in stamp duty. | Home buyers are scrambling to complete purchases by the end of the month or face paying thousands of pounds extra in stamp duty. |
| First-time buyers in particular could be hit when stamp duty thresholds in England and Northern Ireland change on 1 April. | First-time buyers in particular could be hit when stamp duty thresholds in England and Northern Ireland change on 1 April. |
| One couple said they felt like they were "in a race, and our prize is £11,000". | One couple said they felt like they were "in a race, and our prize is £11,000". |
| Lenders say a significant swathe of the country will be drawn into paying the tax, but the government says it is helping more people to buy their first home. | Lenders say a significant swathe of the country will be drawn into paying the tax, but the government says it is helping more people to buy their first home. |
| At the moment, buyers of homes worth less than £250,000 do not pay stamp duty land tax, but this will revert to £125,000 from 1 April. | At the moment, buyers of homes worth less than £250,000 do not pay stamp duty land tax, but this will revert to £125,000 from 1 April. |
| For most first-time buyers the threshold is currently £425,000, but this will fall back to £300,000 in April. | |
| The increases to the thresholds had been introduced during the September 2022 mini-Budget. | The increases to the thresholds had been introduced during the September 2022 mini-Budget. |
| More jeopardy for a Traitor | More jeopardy for a Traitor |
| Paul Gorton featured in the 2024 series of cult reality TV series The Traitors. | Paul Gorton featured in the 2024 series of cult reality TV series The Traitors. |
| The 37-year-old and his partner Kate Waldron now face another episode of high jeopardy to complete the purchase of their first home in time. | The 37-year-old and his partner Kate Waldron now face another episode of high jeopardy to complete the purchase of their first home in time. |
| "We're on a knife edge, we've got weeks, otherwise it's going to cost us a large chunk for no reason," Mr Gorton said. | "We're on a knife edge, we've got weeks, otherwise it's going to cost us a large chunk for no reason," Mr Gorton said. |
| They are trying to buy a property in Congleton, Cheshire. Ms Waldron, 34, said it was a particularly stressful time because she only gave birth to baby Cooper three months ago. They already have two-year-old Charlie and a dog called Buddy. | They are trying to buy a property in Congleton, Cheshire. Ms Waldron, 34, said it was a particularly stressful time because she only gave birth to baby Cooper three months ago. They already have two-year-old Charlie and a dog called Buddy. |
| "We're doing it all at once. It's an added stress with this deadline looming over us," she said. | "We're doing it all at once. It's an added stress with this deadline looming over us," she said. |
| Missing that deadline would cost them £6,500, despite having put all their money into the deposit, and facing the prospect of regular bills and nursery fees. | Missing that deadline would cost them £6,500, despite having put all their money into the deposit, and facing the prospect of regular bills and nursery fees. |
| Deadline fears | Deadline fears |
| Karen Potter, an estate agent in Southport, has about 37 clients in the danger zone of missing the deadline. | Karen Potter, an estate agent in Southport, has about 37 clients in the danger zone of missing the deadline. |
| "In a stressful arena anyway, we've got this panic where there's another source of strain and stress for them," she said. | "In a stressful arena anyway, we've got this panic where there's another source of strain and stress for them," she said. |
| Property portal Rightmove has estimated that in England, some 25,000 first-time buyers and 74,000 home movers, in the buying process, would be unable to complete in time to beat the deadline. | Property portal Rightmove has estimated that in England, some 25,000 first-time buyers and 74,000 home movers, in the buying process, would be unable to complete in time to beat the deadline. |
| Mortgage brokers have reported buyers pulling out of deals because they could not move before the end of March. | Mortgage brokers have reported buyers pulling out of deals because they could not move before the end of March. |
| The proportion of areas in England in which the average first-time buyer home falls into the scope of stamp duty will rise from 8.4% to 32% on 1 April, according to analysis by the Skipton Group, which includes a building society and estate agency. | The proportion of areas in England in which the average first-time buyer home falls into the scope of stamp duty will rise from 8.4% to 32% on 1 April, according to analysis by the Skipton Group, which includes a building society and estate agency. |
| Jonah and Elle are hoping to complete a purchase within days | Jonah and Elle are hoping to complete a purchase within days |
| Stamp duty has always been a more common issue for buyers in the south east of England, where house prices are higher. | |
| Some will face higher stamp duty bills owing to the changing thresholds, which include the first-time buyer relief being available only to those buying a property for less than £500,000, rather than less than £625,000. | |
| Jonah Kavanagh and Elle Van Petersen are hoping to buy their first home together in Guildford. They, and their sellers, are pulling out all the stops to get the move completed in time. | Jonah Kavanagh and Elle Van Petersen are hoping to buy their first home together in Guildford. They, and their sellers, are pulling out all the stops to get the move completed in time. |
| Failure to do so would cost them £11,000 extra in stamp duty. | Failure to do so would cost them £11,000 extra in stamp duty. |
| "It feels like we are in a race, and our prize is £11,000," said Mr Kavanagh, 29, who was one of those who got in touch on the issue via Your Voice, Your BBC News as he was worried about others in a similar situation. | "It feels like we are in a race, and our prize is £11,000," said Mr Kavanagh, 29, who was one of those who got in touch on the issue via Your Voice, Your BBC News as he was worried about others in a similar situation. |
| Ms Van Petersen said there was plenty of "uncertainty, anxiety, and nervousness" now on top of the shock that came when no extension to stamp duty relief was announced in the Budget. | Ms Van Petersen said there was plenty of "uncertainty, anxiety, and nervousness" now on top of the shock that came when no extension to stamp duty relief was announced in the Budget. |
| The government has previously said that Budget was a necessary package to fill what it called a black hole in the public finances, and other changes were freeing up properties for first-time buyers. | The government has previously said that Budget was a necessary package to fill what it called a black hole in the public finances, and other changes were freeing up properties for first-time buyers. |
| "We're committed to making home ownership possible for hardworking Brits, that's why we're fixing the planning system and building 1.5 million more homes," said a Treasury spokesman. | "We're committed to making home ownership possible for hardworking Brits, that's why we're fixing the planning system and building 1.5 million more homes," said a Treasury spokesman. |
| For Mr Kavanagh and Ms Van Petersen the impact, were they to miss the deadline, would be less money and sensible savings to cover living costs, furniture, and unexpected costs. | For Mr Kavanagh and Ms Van Petersen the impact, were they to miss the deadline, would be less money and sensible savings to cover living costs, furniture, and unexpected costs. |
| Ways to make your mortgage more affordable | Ways to make your mortgage more affordable |
| Make overpayments. If you still have some time on a low fixed-rate deal, you might be able to pay more now to save later. | Make overpayments. If you still have some time on a low fixed-rate deal, you might be able to pay more now to save later. |
| Move to an interest-only mortgage. It can keep your monthly payments affordable although you won't be paying off the debt accrued when purchasing your house. | Move to an interest-only mortgage. It can keep your monthly payments affordable although you won't be paying off the debt accrued when purchasing your house. |
| Extend the life of your mortgage. The typical mortgage term is 25 years, but 30 and even 40-year terms are now available. | Extend the life of your mortgage. The typical mortgage term is 25 years, but 30 and even 40-year terms are now available. |
| Read more here | Read more here |