THOUSANDS of first-time buyers have been warned to act now to save up to £15,000 in Stamp Duty.

The amount you can spend on a property before incurring Stamp Duty will fall on March 31 2025, penalising thousands of would-be homeowners.

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Stamp Duty is a tax you may have to pay if you buy a home in England or Northern Ireland that is worth more than a certain price.

For most homeowners this is above £250,000.

But the amount that a first-time buyer could spend was increased to £425,000 in the September 2022 mini-budget.

First-time buyers also benefit from a further discounted rate on property purchases of up to £625,000.

From April these thresholds will plummet.

Properties with a value of up to £300,000 will not incur a Stamp Duty charge, while the reduced rate will only apply to homes worth up to £500,000.

The changes will mean that someone buying a property worth £425,000 would currently pay no Stamp Duty but from April will owe the taxman £6,250.

But in some areas of London first-time buyers could be slapped with tax bills which are £15,000 higher than before once the thresholds are slashed.

Should I act now?

It usually takes around 25 weeks from listing a property to completing a sale, according to property website Zoopla, which means buyers have limited time to beat the deadline.

David Hollingworth, of mortgage broker L&C, said first-time buyers should act now to avoid being penalised.

“First time buyers wanting to be sure that they can take advantage of the elevated Stamp Duty relief before it reverts to the lower levels in March will want to be in the process as soon as possible.”

Although a first-time buyer may be able to move quickly, the person they are buying the property from may be in a transaction chain, he explains.

This is when you want to buy a house but need to wait until your seller buys their next property.

Buying a property can also take longer than people think as it may take time for an offer to be accepted because of practical issues or completing legal paperwork.

He adds: “Having as long as possible to keep things on track for a March deadline will be important, especially with Christmas on the horizon.”

The festive season frequently brings the property market to a standstill which can slow the process of buying a house and push completion dates into the New Year.

Incentives such as Stamp Duty “holidays” can also create a cliff edge deadline, which can create a busier period in the property market as buyers rush to complete their purchases.

But there may be hope for buyers who have not yet started the process.

The Chancellor could unveil plans to extend the policy in the Budget on October 31, which would give buyers more chance to complete their purchase.

The last Stamp Duty holiday was extended for three months in order to allow buyers to complete on their purchase if they were stuck in a housing chain.

The holiday had been introduced to help keep the property market afloat during the pandemic after thousands of property transactions fell through.

It was extended after calls from home buyers and experts to allow more time to finalise property sales.

Where are the cheapest areas to buy?

The average price of a first-time buyer property can vary substantially depending on where you live.

Hull is the cheapest area in the UK to purchase a home for the first-time.

A typical first property in the area is worth £114,300, more than half of the average sold price of a home in the UK, which is £328,457 according to Zoopla.

Sunderland comes in second place at £122,600 for an average first home.

Meanwhile, Burnley and Dundee were also ranked as affordable areas, coming in third and fourth place respectively at £128,800 and £131,700.

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The commander of the overseas arm of Iran’s elite Revolutionary Guard, who has not been seen in public for more than a week, is alive and well, according to his deputy, dismissing speculation that he was killed by Israeli air strikes targeting Hizbollah in Lebanon.  

Esmail Ghaani, who leads the Guard’s overseas military service, the Quds Force, was reportedly in Lebanon to offer help to Tehran’s regional ally Hizbollah around the time that Israel ramped up its offensive against the militant group. Israel has targeted Hizbollah leaders with waves of air strikes on the southern suburbs of Beirut and elsewhere in the country.

The group’s leader Hassan Nasrallah was killed by Israeli strikes that flattened at least six residential blocks in the Dahiyeh suburb of the Lebanese capital late last month. Israel also targeted Hashem Safieddine, the heir apparent to Nasrallah, in strikes on Dahiyeh last week.

However, Brigadier General Iraj Masjedi, Ghaani’s deputy for co-ordination affairs, told local reporters on Monday that there was no need for the Guards to release any official statement to shut down the rumours.

“He’s healthy and well and doing his job,” Masjedi said of Ghaani, while declining to provide further details.

Ghaani assumed command of the Quds Force, which arms, trains and advises Iranian-backed militant groups across the region, in 2020 after its then-chief Qassem Soleimani was killed in a US drone strike in Iraq, although he does not have the same public profile of his predecessor.

Soleimani was revered in Iran and among its allies in the region, which include Hizbollah, Hamas in Gaza, the Houthi rebels in Yemen and Iraq’s Shia militias.

The Guards have not confirmed whether Ghaani travelled to Beirut recently, although another Iranian commander, Abbas Nilforoushan, was reportedly killed alongside Nasrallah.

Ghaani’s last public appearance was more than a week ago, at a commemoration ceremony for Nasrallah at Hizbollah’s office in Tehran. He was notably absent from Friday prayers in Tehran last week, an event that was unusually led by Iran’s Supreme Leader Ayatollah Ali Khamenei.

He was also missing from a recent ceremony to honour the commander behind the recent strikes on Israel, which involved about 190 ballistic missiles. The head of the Quds Force would have been expected to attend both events.

Israel has killed at least 19 members in the 12 months since Hamas launched its attack on Israel, primarily in Syria. If Ghaani has been killed in Lebanon, then it could prompt Iran to consider further strikes against Israel, analysts say.

Iran’s leaders have adopted a defiant stance in the face of rising tensions with Israel and the escalating threat of an all-out Middle East war.

President Masoud Pezeshkian flew to Qatar last week as Iranian airspace was closed due to security fears, while foreign minister Abbas Araghchi travelled to Beirut and Syria as a demonstration of solidarity with Hizbollah.

Oil minister Mohsen Paknejad also visited the oilfields and ports in the south of the country, where he promised workers a pay rise, amid speculation that Israel might target Iran’s oil installations in retaliation for the missile strikes.

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Norway’s state-controlled oil and gas company Equinor has bought a 10 per cent stake in Denmark’s Ørsted, becoming the second-largest shareholder in the world’s biggest offshore wind farm developer behind the Danish government.

Anders Opedal, Equinor’s chief executive, said on Monday that the shareholding — worth about $2.5bn — had been accumulated over time and was part of the Norwegian group’s growing focus on renewables.

“Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a countercyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets,” he added.

Ørsted is one of the biggest renewable energy companies, evolving out of Danish Oil and Natural Gas in the past decade to become the leading developer of offshore wind farms from the North Sea to the US and Taiwan.

But the group, which is controlled by the Danish state through a 50.1 per cent stake, has struggled in recent years due to a botched expansion in the US that led to big writedowns on projects and the suspension of its dividend until at least 2025. It also scrapped plans for a green fuel plant in Sweden this year.

Shares in Ørsted, which have fallen almost 70 per cent from their 2021 peak, rose 6 per cent by Monday afternoon following the news that Equinor was taking a 9.8 per cent stake. Equinor’s shares fell 4 per cent.

The Norwegian oil and gas major said it had no current plans to raise the stake further than 10 per cent.

Biraj Borkhataria, head of global energy transition research at RBC, said the stake gave Equinor access to offshore wind assets “without the risk on construction and delivery, as well as supply chains”.

He added: “Equinor has in the past shown willingness to buy public entities.”

Ørsted currently has 10.4 gigawatts of renewable generation capacity, and is aiming to reach 38GW by 2030. 

Opedal said as a “rule of thumb” it would cost about $4bn to develop 1GW compared with the $2.5bn it is paying for the stake in Ørsted. 

“We find this an attractive investment, creating long term value for our shareholders,” he added. 

Equinor said it was “supportive” of the Danish group’s management and strategy and would not seek board representation.

“The offshore wind industry is currently facing a set of challenges, but we remain confident in the long term outlook for the sector, and the crucial role offshore wind will play in the energy transition,” Opedal said.

Equinor has recently said it would reduce the size of its renewable energy unit in line with other oil and gas groups scaling back their ambitions in the sector.

The Norwegian group has said it wants to have half its gross investments in 2030 to be in renewable energy or low-carbon projects but it has faced fierce criticism from environmentalists over what they perceive as its slow progress and its continued heavy investment in oil and gas.

Equinor has less than 1GW in renewable capacity as of the end of 2023 but is trying to reach 12-16GW by 2030, according to its 2023 annual report.

It has also faced struggles developing offshore wind in the US, where its Empire Wind project has been affected by higher costs.

A FAMILY in the UK who have been on 56 holidays in their caravan have shared their best budget-friendly staycation tips.

Known as The Caravanning Mummy, travel expert, and mum-of-two, Rachel shares travel tips and destination guides on Instagram, including how to make breaks budget-friendly while keeping the kids entertained.

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Rachel purchased her caravan back in 2019, with her family spending the school holidays and weekends exploring the UK in their Bailey Of Bristol Phoenix 650 caravan.

The family-of-four have been on 56 caravan holidays over the last five years, so it’s safe to say Rachel has found the best ways to keep costs down without compromising on the fun.

Rachel encouraged holidaymakers to book a Certified Location with their caravan or motorhome.

Certified locations (CL sites) are small, privately-owned campsites for caravans and motorhomes that are exclusive to members of The Caravan and Motorhome Club.

She told Sun Online Travel: “I would say CL sites are probably around £20 per night for a pitch, which is obviously pretty good. It means you’re looking at around £40 for a weekend pitch.

“The Caravan and Motorhome Club sites are great for beginners because they have all the key facilities and you know what you’re going to get.

“They’re about half the price of a big site but you do get less facilities, so that is something to consider.”

To keep the family entertained while keeping costs low, Rachel recommended making the most of supermarket loyalty schemes.

She added: “We use Tesco vouchers massively when we’re going away because it almost halves the cost of entry into top-rated attractions.

Tesco Clubcard Vouchers can be spent at theme parks like Thorpe Park, Legoland, Chessington World of Adventures and Alton Towers.

Entry tickets to places like Cadbury World, Warwick Castle, the Eden Project, the Black Country Living Museum, Conkers, Madame Tussauds and various Sea Life Centres can also be bought using Clubcard vouchers.

Children aged between five and 15 can also apply for a Blue Peter badge, which also provides free entry to a range of UK attractions.

The Caravanning Mummy also recommended purchasing a membership to the National Trust.

She added: “The other tip I always recommend is getting a membership with the National Trust.

“While it might seem a bit random for a caravan holiday, it means you have entry to a nice stately home, or an indoor attraction, which is great for rainy days.

“These places often have large grounds so kids can have a run around too, and they’re often equipped with a cafe so you can have tea and cake.

“A lot of the places have ponds with ducks, so we always have some porridge oats in our pockets so the kids can feed the ducks.”

Later this month, Rachel will be sharing more caravanning tips at the Motorhome & Caravan Show at the NEC in Birmingham.

Earlier this month, Rachel revealed her favourite place for a UK break in her caravan, with a quintessential seaside town bagging the top spot.

Meanwhile, these are the top-rated holiday parks with on-site waterparks and pools.

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Chancellor Rachel Reeves is set to scrap plans to change pensions tax relief on personal contributions in the upcoming Budget, according to a report in the Times.

There had been widespread speculation that Reeves might target pensions tax to help plug a £22bn ‘black hole’ in the nation’s finances.

However, there are now reports that she no longer plans to do so.

Individuals currently receive tax relief at their highest marginal rate of income tax.

There were rumours that this might be changed to a flat rate, somewhere between the basic and higher rates of income tax.

Aegon pensions director, Steven Cameron, said that a flat rate of relief of 30% would have been a boost for basic-rate taxpayers.

However, he added that higher- and additional-rate taxpayers would likely have faced a “double whammy” of less generous tax relief on their personal contributions and a new tax bill linked to employer pension contributions.

Director of public affairs at the Lang Cat, Tom McPhail, described the news that the government has “had a rethink” as “unsurprising”.

“It would have broken an election pledge (to not increase income tax); it would have been fiendishly complicated to do and it would have upset millions of public-sector workers,” he said.

“More likely now, is that they’ll introduce some form of death tax on unused pension funds (unless passing to a spouse) and perhaps a cut to employers’ relief on National Insurance contributions.”