First-time property buyers are racing against the clock to finalise purchases ahead of upcoming stamp duty changes.

These changes, set to come into force on April 1, will see the end of temporary reliefs introduced in September, 2022, which could cost buyers thousands more.

Tom Lacey, Southampton-based tax director and leading SDLT specialist at UK Top 10 business advisory firm Azets, said: "The upcoming changes to SDLT are a financial blow to many first-time buyers, who are already facing affordability pressures.

"Time is of the essence, and we urge those planning to buy to seek advice as soon as possible to navigate this transition effectively.

"Unlike previous SDLT adjustments, no ‘grandfathering’ provisions will apply to transactions signed before the deadline but completed afterward.

"This makes it crucial for prospective buyers to manage timelines carefully, ensuring legal completion before the cut-off date.

"Buyers to explore all available options to expedite the purchase process, though caution is needed with alternative approaches, such as triggering SDLT liabilities early under ‘substantial performance’ rules.

"I advise buyers to seek specialist advice or risk missing out on significant savings. Acting now can help avoid unnecessary costs and stress, with the 31 March deadline looming."

Currently, first-time buyers in England and Northern Ireland enjoy tax relief on properties up to £625,000.

However, from April 1, this threshold will shrink to £500,000, with the initial tax-free amount dropping from £425,000 to £300,000.

For homes above £300,000, this could lead to a stamp duty increase of up to £11,250.

This comes as buyers contend with a tough housing market, with the average UK home purchase taking 12 to 16 weeks to complete.

This leaves a slim chance to benefit from existing rates.

Any purchaser whose legal completion is even one day late past the March 31 deadline will miss out on the current rates entirely.