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

Martin Lewis has urged first-time buyers looking to get on the property ladder to act now, in a bid to save money on stamp duty.

First-time buyers are currently exempt from paying stamp duty on properties priced up to £425,000.

If a property is more expensive they only pay tax at 5 percent on the portion above £425,000 and up to £625,000.

The lower limit for the first-time buyer stamp duty exemption was temporarily increased in 2022, but the chancellor has now announced it will revert to £300,000 in April.

Speaking on a Budget special of The Martin Lewis Money Show on 31 October, he urged: “If you’re looking to buy now, you want to get it done before next April as it is going to get a lot more expensive.”