The Spring Budget delivered on March 26, 2025, was a disappointment for First Time Buyers hoping for extra support. Chancellor Rachel Reeves made no new announcements to help those trying to get on the property ladder, leaving many feeling overlooked.
One of the biggest concerns is the upcoming change to Stamp Duty Land Tax (SDLT). Right now, first time buyers don’t have to pay stamp duty on homes up to £425,000, but that’s set to drop back to £300,000 on April 1, 2025. Many had hoped the government would extend this higher threshold, making it easier for people to afford their first home. But with no mention of it in the budget, it looks like the reduction will go ahead as planned.
Housing experts and industry leaders had expected the Chancellor to introduce measures to support first time buyers, especially given the ongoing affordability crisis. The rising cost of living and high property prices mean buying a home is already tough and without extra government help, it’s only going to get harder. Many see this as a missed opportunity to make homeownership more accessible. Housebuilding is set to reach a 40 year high however, with 305,000 homes to be built every year.
It seems first time buyers were left out of this year’s Spring Statement. With no new schemes or tax breaks announced, and stamp duty relief set to shrink in just a few days, many hopeful buyers may now face even bigger financial hurdles when trying to purchase a home.
Sophie Clark is a university-educated professional with a degree in Childhood Education. After building a strong foundation in early years education, she progressed to the role of Early Years Manager, where she honed her leadership and organisational skills. Seeking new challenges, Sophie transitioned into the world of media and events, joining First Time Buyer magazine. In this role, she has gained extensive experience in digital marketing, content creation, and event management. Alongside her work with First Time Buyer, she also operates as a freelance digital and events specialist.
