Press Release: 5th February 2025

New data from Fairview New Homes, the first-time buyer developer of choice, has revealed that more than nine in 10 (92%) first-time buyers in the UK do not have the funds to cover the additional cost of Stamp Duty Tax once the threshold is reduced for first-time buyers from £425,000 to £300,000 on 1^st April.

In the developer’s survey of 2,000 UK adults aged 18 – 45 yet to own a home, respondents were asked how long it would take them to save the additional £5,000 required for Stamp Duty Tax on a home worth £425,000 post-1^st April, with just 8% claiming to already have that amount of money available.

In London, where the average price paid for a first home is now £456,290, just 15% of first-time buyers believe they have the additional £5,000 tax due on a £425,000 home.

81% (68% in London) of the same respondents also believe it would take them over a year or more to save this amount, or don’t know how long it would take, meaning the majority of first-time buyers are priced out of the London market this year.

Whilst a year-on-year increase of 12% in agreed sales has already been reported by Zoopla, indicating a rush to beat the deadline, time is either running out or has run out for many particularly in the second-hand home market where completions take an average of five months.

In order to help first-time buyers achieve their dream of homeownership, Fairview New Homes is committed to helping them beat the tax man by making homes available to complete on before the impending change to the Stamp Duty threshold.

Chris Hood, Sales and Marketing Director at Fairview, says, “We recognise that the Stamp Duty threshold changes effective 1^st April will present a challenge to first-time buyers already facing significant upfront costs to get on the property ladder. The changes could cost our buyers up to £11,250 on top of their purchase – an amount that could or otherwise go towards decorating and furnishing their home, or the general cost of living.” 

“To help people purchase their new home before the changes take effect, we’ve made a number of our homes in London and Essex available for buyers to move into in just six weeks*, ahead of the threshold drop, allowing them to save up to £11,250. This makes Monday 17^th February the final day to reserve a home with Fairview if you want to beat the deadline.”  

Fairview New Homes has been helping first-time buyers onto the property ladder for over 60 years and has a range of incentives available across its developments in and around London, such as deposit top ups and mortgage contributions.

Fairview homes in London and Essex that buyers can complete on in just six weeks* to ensure they beat the Stamp Duty Tax deadline: