Our analysis found that most buyers will face a £2,500 rise in their stamp duty bill, but some could end up paying as much as £11,000 more.
Read on to find out what's happening to stamp duty thresholds and which areas will be most affected.
What is stamp duty?
Stamp Duty Land Tax, better known as stamp duty, is payable when you purchase property or land in England and Northern Ireland.
Currently, first-time buyers purchasing a property priced up to £625,000 only pay stamp duty on the amount over £425,000.
From next April, the £625,000 limit will return to £500,000, and the stamp duty threshold will drop from £425,000 to £300,000.
Existing homeowners currently only pay stamp duty on anything above £250,000, but this will fall to £125,000.
Find out more:Property tax in Scotland and Wales
These taxes are implemented by the devolved governments, so won't be affected by the upcoming Budget.
LBTTHome movers face a £2,500 stamp duty hike
The vast majority of home movers will be affected by the return of lower stamp duty thresholds.
Our analysis of Land Registry data found in every region of England except the North East, home movers buying an average-priced property will need to pay an additional £2,500 in tax.
In the North East, where house prices average just £188,000, the average stamp duty bill will rise from zero to £1,260.
At the other end of the scale, average stamp duty bills will hit £20,200 in London and £12,250 in the South East.
A mixed bag for first-time buyers
First-time buyers in most regions won't be affected by the return of the £300,000 threshold, as most first homes are bought for less than this amount.
However, there are certain hotspots where first-time buyers will face significantly higher stamp duty costs.
Stamp duty hotspots
Unsurprisingly, the majority of affected areas are located in London and the South East, but there are some exceptions.
For example, the average first-time buyer in Bristol, Bath and North Somerset, and the Cotswolds will be drawn into paying stamp duty from April.
Notably, in Cambridge, where the average first-time buyer price is £417,000, stamp duty bills will rise from zero to £5,850.
Find out more:Buyers in South East drawn into paying stamp duty
The South East is the most expensive region outside London, with average first-time buyer prices of £308,000.
Currently, these buyers are exempt from stamp duty, but from April the average tax bill across the region will rise to £400.
Some areas face much bigger hikes, with average tax bills in Brighton and Hove rising to more than £3,000.
London buyers face the biggest stamp duty bills
Unsurprisingly, first-time buyers in London will be hit the hardest by the changes.
The average first-time buyer house price in London is £461,000. First-time buyers currently pay £1,800 in stamp duty, but this will rise to more than £8,000.
In some boroughs, the hike will be even bigger. In Wandsworth, Hackney and Richmond Upon Thames, the tax bill for an average-priced first-time buyer home will increase by £11,000.
Find out more:Will there be a rush to beat the deadline?
The return of lower stamp duty thresholds could create a rush to buy before the deadline.
However, unless you're already looking at properties, getting your purchase over the line might be tricky.
The property portal Rightmove told us: 'The average time it takes to complete a sale from the moment an offer is accepted is currently 152 days.
'Coincidentally, this is the same number of days between the Budget on 30 October 2024, and the proposed stamp duty deadline on 31 March 2025.'
Additional costs of buying a house
While stamp duty is one of the main costs associated with buying a home, you'll need to factor in some other charges too.
If you're selling your current home, you'll need to pay estate agent fees, which are usually charged as a percentage of the sale price.
First-time buyers and home movers must also appoint a conveyancer (property solicitor), to oversee the legal work involved in buying the property.
Data from Reallymoving shows the average cost of moving house if you're an existing homeowner is currently over £14,000. This falls to just over £2,000 if you're a first-time buyer.
These figures will vary significantly depending on the value of the property you're buying.
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