Changes to stamp duty have been announced following the government's budget.

From October 31, the surcharge on additional property purchases will rise from three per cent to five per cent.

Similarly, residential property purchases by companies will also see the same surcharge increase.

More changes are on the horizon for April 1, 2025, when the threshold for stamp duty on residential purchases will be reduced from £250,000 to £125,000.

This means that transactions over the new threshold will incur the duty.

First-time buyers will also face changes.

The threshold for stamp duty will decrease from £425,000 to £300,000, signalling an additional cost for purchases above this amount.

These changes have sparked some concern among conveyancers about the potential rush to complete transactions before the new thresholds come into effect.

Taunton Solicitors, a firm in the conveyancing sector, has advised that now is an ideal time for first-time buyers and others to consider moving.

They say this would allow ample time to complete transactions before the new rates apply.

A spokesperson for the firm said: "The government's budget will have both short and long-term effects on conveyancing.

"We at Taunton Solicitors expect to see a growing rush to complete transactions before the thresholds are reduced.

"Now is the time for first-time purchasers to consider buying and others to consider moving, to allow as much time as possible to complete transactions, before the changes come into effect."

The firm has assured its clients they will provide guidance throughout the conveyancing process for any type of property purchase.