Connells warns that stamp duty holiday will end soon

Until that date first-time buyers have the opportunity to purchase properties worth up to £250,000 without paying any stamp duty land tax.

However, purchases have to be completed before midnight when the exemption ends or the tax will revert back to previous rates and first-time buyers will be liable for the charge.

Kelly Penn, mortgage manager for Connells, said: “For two years first-time buyers have been able to buy their first home without having to pay stamp duty if they are purchasing a home worth £250,000 or less.

“This benefit ends soon so anyone looking to get on the property ladder this year should aim for completion before March 24 in order to save themselves paying the tax.”

Connells are urging prospective buyers to contact the branch as soon as they can in order to maximise their chances of finalising their purchase before the stamp duty holiday ends.

Kelly added: “Ideally, buyers need to choose and secure a home as soon as possible to allow time for the sale to go through.

“The next few weeks will be critical and timing is everything, which is why our Connells team are on hand to help explain everything and push things along to try and complete before March 24.”

If you are a first-time buyer and would like to purchase a home before stamp duty exemption on properties worth up to £250,000 ends, please call your local branch on: Leamington 881441, Warwick 403308, Kenilworth 857461, or Southam 815500.