Young buyers struggling with rising costs

Dwindling housing supply and rising demand have led to sellers receiving offers above asking prices. Many first-time buyers, especially in London, struggle with soaring property prices, compounded by costs such as solicitor and mortgage fees. While first-time buyers in England and Northern Ireland benefit from exemptions under stamp duty land tax (SDLT), most young Londoners are unlikely to qualify due to high prices. SDLT, enacted in 2003, taxes property purchases above specific thresholds. Recent adjustments have reduced exemptions for first-time buyers significantly, impacting their ability to afford homes. Calls for raising SDLT thresholds in London are emerging, reflecting regional market disparities. Speculation exists about potential SDLT abolition, although its revenue is crucial for government finances. 

City AM (25/11/2025)