Trafford first-time buyers among hardest hit by stamp duty change

The average first-time buyer in Trafford will face some of the biggest stamp duty rises in the country from April 2025, a new study shows. 

Currently, first-time buyers pay no stamp duty when buying a home with a price of up to £425,000. However, that will return to a level of £300,000 from April 2025. The study found that first-time buyers in Trafford will now likely be paying for stamp duty, when previously they would have fallen below the nil-rate threshold. The average house price for a first-time buyer in Trafford is £317,000, meaning they now face additional fees of £850. 

The study, conducted by My Home Move Conveyancing, has revealed that Trafford is the only local authority outside of London and the South East where the average first-time buyer will now be paying stamp duty. 

The study looked at the impact, based on the average sale price for first-time buyers in each area of the country. My Home Move Conveyancing predicts a rush of first-time buyers looking to complete before the deadline. 

Alistair Singer, director at My Home Move Conveyancing, said: “We’ve known since 2022 that these changes were coming. However, the financial impact will still come as a shock to first-time buyers.

“Indeed, some were hoping in the Budget that the timeframe for the higher level of relief would be extended beyond April 2025.”

James Ashworth, co-founder of Sale-based estate agent Ashworth Holme, said: "Over the years we have seen numerous changes to stamp duty thresholds however, these latest amendments are a break from the norm with the exception of yet further costs for buyers of second homes. 

"Previous governments have prioritised helping first-time buyers rather than increasing the barrier to home ownership, so we see this as a huge blow to those who can least afford it. We expect to see huge pressure on solicitors to get sales that have already been agreed upon and progressed to completion ASAP."