The Labour Party is expected to allow higher stamp duty thresholds to revert back to previous levels in April 2025.

If that happens the nil band will fall from £250,000 to £125,000, costing people an extra £2,500 when buying at the average property price of £300,000.

For first-time buyers meanwhile the minimum stamp duty threshold would return to £300,000, from £425,000 in April 2025 – a change that would most seriously affect those buying properties costing between £425,000 and £625,000, who currently qualify for the stamp duty relief.

Multiple publications, like The Telegraph and The Mirror, are reporting that Labour plans to allow the expiry to go through, amidst hopes they would announce retaining current stamp duty bands in the October 30th Autumn Budget.

The stamp duty thresholds were raised by Liz Truss during her brief tenure as Prime Minister in 2022.

Tim Bannister, Rightmove’s director of property science, said: “The rumours that “nil rate” and first-time buyer stamp duty thresholds will indeed be reverting to previous levels as of March 2025, rather than be held at their current rates, will no doubt be seen as an unwelcome additional cost by many buyers looking to make their move in 2025 – and potentially to those currently in the process.”