In the Autumn Budget it was confirmed that stamp duty thresholds in England would lower from 1st April next year, and the rate at which properties will be exempt from stamp duty would drop from £425,000 to £300,000.

First-time buyers in higher-priced areas of England are set to be more affected. In London, only 8% of homes for sale will be stamp-duty-free for first-time buyers from April. It’s 24% in the South East and 32% in the East of England.

It currently takes an average of 5 months (151 days) to complete a property transaction across Great Britain. This means that first-time buyers hoping to find their next home and complete before the stamp duty deadline on 1st April, need to act quickly and hope to beat the average length of time to complete a home purchase.

Tim Bannister, Rightmove’s property expert said: “With stamp duty thresholds in England lowering from April, we’re seeing early signs of first-time buyers reacting. In London and higher-priced areas, where first-time buyers are most likely to be affected, we’re seeing some pull forward their plans to try and avoid higher charges.

"In most other areas of England, which have a greater availability of stamp duty-free homes for first-time buyers, we’re seeing the opposite trend of some first-time buyers taking a pause for breath with no further help announced in the Autumn Budget. However, the long-awaited second Bank Rate cut should hopefully boost optimism amongst movers and help to improve affordability during 2025.”