First-time buyers in Cherwell will face stamp duty fees for the first time from April 2025.

A study by My Home Move Conveyancing has revealed that the average first-time buyer in Cherwell will face fees of £350.

This is due to the government reducing the nil-rate threshold for stamp duty from £425,000 to £300,000.

The average house price for a first-time buyer in Cherwell is £307,000, meaning they now face additional fees of £350.

Alistair Singer, director at My Home Move Conveyancing, said: "We’ve known since 2022 that these changes were coming, however the financial impact will still come as a shock to first-time buyers.

"Indeed, some were hoping in the budget on 30th October, that the timeframe for the higher level of relief would be extended beyond April 2025.

"Not least as the government have highlighted the need to support first-time buyers to get on to the housing ladder."

The study predicts a rush of first-time buyers looking to complete before the deadline.

Mr Singer added: "We’re expecting a rush of first-time buyers looking to complete on a property before the deadline, however it’s crucial to plan ahead.

"Instructing a conveyancer early on in the process should help to avoid any disappointment as the deadline approaches, especially if there is a chain involved in your purchase, which can cause further delays."