Thousands of Britons currently purchasing property will miss out on an opportunity to save as the stamp duty deadline looms.
According to the latest Rightmove House Price Index, 575,000 homes are currently going through the legal completion process, with many buyers trying to finalise before the stamp duty overhaul in April.
Rightmove's stamp duty report identified an estimated 74,000 moves - including 25,000 first-time buyers - that will just miss the March 31 deadline and complete in April instead.
Should they complete in April, it will be at a combined cost of £142 million in extra tax, the experts at Propertymark explained.
Many buyers are trying to complete before the stamp duty overhaul in April
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As it stands, no stamp duty is required on main residence properties up to £250,000 (£425,000 for first-time buyers).
The stamp duty shake-up on April 1, 2025 - affecting only those buying in England and Northern Ireland - will see the threshold for paying the tax lowered.
Buyers will not be required to pay stamp duty on main residence properties up to £125,000 (£300,000 for first-time buyers).
However, homes that cost between £125,001 and £250,000 will necessitate a two per cent stamp duty fee.
Property expert at Rightmove Colleen Babcock stated: "The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax.
"Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves."
Propertymark also weighed in on the stamp duty change: "The hope of an extension is fading, but with the Spring Statement arriving just before the deadline, this would be an opportune moment to announce a short extension."
This extra time would "help these movers who had a reasonable expectation of beating the stamp duty deadline but due to delays in the process will just miss out".
However, it is not all bad news for those who will just miss the March deadline, as buyers will benefit from a "decade-high" choice of properties.
Propertymark explained: "New spring buyers are looking at the best choice of properties for sale at this time of year since 2015.
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'New spring buyers are looking at the best choice of properties for sale at this time of year since 2015'
GETTY IMAGES"This is some consolation for these new buyers who won't benefit from the current additional stamp duty savings in England, and who face higher tax charges from April."
Speaking exclusively to GB News, property expert Jonathan Rolande admitted that those who hoped to meet the stamp duty deadline should ideally have started last October.
However, for those who are part-way through buying, there are five ways you can still meet the deadline.
