The article discusses the urgency facing first-time home buyers as impending changes to stamp duty rates approach on April 1. Currently, buyers enjoy zero tax on homes up to £425,000, but this threshold decreases, prompting a scramble to finalize transactions. Statistics from HM Revenue and Customs reveal a significant increase in home purchases. In addition to housing issues, the article emphasizes The Independent's commitment to delivering quality journalism on essential topics like reproductive rights and climate change, prioritizing access without paywalls, supported by reader donations.
"The Independent is trusted by Americans across the entire political spectrum. We believe quality journalism should be available to everyone, paid for by those who can afford it."
"First-time buyers currently pay no stamp duty up to 425,000 and 5 per cent on any portion from 425,001 to 625,000."
"From 1 April, the nil rate band will shrink from 425,000 to 300,000, leading first-time buyers to scramble and sign paperwork to finalize transactions."
"Statistics from HM Revenue and Customs show a 28 percent jump in home purchases in February compared to a year earlier, marking the highest figure for February since 2022."
Collection
[
|
...
]