The temporary cut to SDLT ends on 31 March 2025 and the move will lower the property limit for first-time buyers to qualify for stamp duty reduction.

The discounts were introduced in the Mini Budget in September 2022 and unlike most measures introduced at the time, when Jeremy Hunt took over as Chancellor he did not repeal them instantly.

Under the current discounts, first-time buyers benefit from reduced stamp duty rates if they buy a property worth £625,000 or less.

This means there is no stamp duty on the first £425,000 of the value of the property and then 5% on any remainder up to £625,000.

From 1 April 2025, the property limit for the discount for first-time buyers will return to £500,000 and only the first £300,000 of the value of the property will be exempt from stamp duty, with 5% paid on any remainder up to the reduced £500,000 figure.