Martin Lewis issues ‘act now’ warning to first-time buyers

Martin Lewis urges 'act now' warning to first-time buyersThe Martin Lewis Money/ ITV

Transcript

00:00There are two changes. First of all, you currently don't pay stamp duty on the first 425,000.

00:07That's dropping to 300,000. And then, currently, you pay 5% up to 625,000. That is dropping

00:15to 500,000. And now, above 500, not 625, if you're buying a house above that, you don't

00:22get any of this first-time buyer relief. Ignore that. You move over here. Now, what that means

00:27in practice is for someone buying a property of 425,000 pounds, I think from memory, let's

00:35work it out, you're going to be paying 6,250 pounds more stamp duty from next April than

00:43you are right now. For someone buying a property at 625, because you're now over here, you're

00:47going to be paying 11,250 pounds more stamp duty. So if you are looking to buy right now

00:55and you're in the process, you want to get it done before next April, because it is

01:01going to get a lot more expensive. Make sense? I know it's not what you want to hear, but

01:05you understand what's...