Stamp duty changes: Gloucestershire mum 'desperate' to move

A single mother has temporarily moved back in with her parents while trying to purchase her own home. She says the upcoming stamp duty changes are causing her "anxiety." Florence Stokes, 37, is awaiting the keys to a property in Bussage, Gloucestershire, after experiencing multiple failed transactions.

Ms. Stokes, who works as a project manager, is worried that her move could be delayed past April 1st, when the stamp duty payable by some homebuyers will increase, potentially costing her an extra £4,000. "That's a lot of money, especially when it's just me and my son," she stated, highlighting the financial burden.

Ms. Stokes previously lived and worked in London, but after transitioning to remote work, she decided to leave her "cramped" one-bedroom flat in the capital. Before finding a larger house, she temporarily moved back to her childhood home with her parents. "I originally planned to only stay for a few months and then be able to buy somewhere else, but two years later, I'm still here," she said, emphasizing the prolonged situation.

Since moving back home, Ms. Stokes says she has had three failed property purchases. This is her fourth attempt, and she is facing delays because the seller of the new three-bedroom property she is buying is being held up in a property chain. "I was expecting to [exchange] mid-March, but I'm worried it could be later," she expressed.

This April, homebuyers in England and Northern Ireland will begin paying stamp duty on properties over £125,000. First-time buyers currently receive stamp duty relief on homes up to £425,000, but this threshold will be reduced to £300,000. These changes were announced by the government in last year's budget.

Alex Kell, a financial advisor at Quayside Wealth Management in Gloucester, stated that he believes the stamp duty changes "will affect a lot of people." "I think it will encourage people to move sooner rather than later before the changes come in, or make them consider whether they want to move at all," he added, pointing out the potential impact on buyer behavior.

James Birt, Marketing Director at Naylor Powell estate agents, said he is not concerned that the changes will "stall the market." "I think they'll accelerate Q1 and they'll get people moving," he said. "Once we're over the initial disappointment of people missing the April deadline, we'll probably revert to a more normal market."