Martin Lewis warns despite stamp duty cuts now might not be good time to buy – here’s why
The saving expert explains shares his advice
- (opens in new tab)
- (opens in new tab)
- (opens in new tab)
- Sign up to our newsletter

The Home Of Great Ideas For More Than 100 Years
Thank you for signing up to . You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Money expert Martin Lewis has warned home buyers that now might not be the best time to invest in a new home, despite the stamp duty cut.
Related: Ordered furniture from a company now in administration? Martin Lewis offers advice (opens in new tab)
Martin Lewis' stamp duty warning comes in the wake of Chancellor Rishi Sunak's stamp duty (opens in new tab) announcement last week.
'The Chancellor made a huge housing intervention last week, scrapping stamp duty in England and Northern Ireland for properties up to £500,000,' wrote Martin Lewis in the weekly MoneySavingExpert.com (opens in new tab) newsletter.
'Nine in 10 purchasers won't pay a penny, and those who do will save £15,000. Plus UK interest rates are at a 325 yr historic low, so mortgage rates are seriously cheap, meaning it's easy to think this is the moment to buy.'
But as Martin explains, it isn't as simple as that. The current mortgage freeze (opens in new tab) means that many first-time buyers will have to stump up much bigger deposits. On top of that, there is the looming recession and ongoing uncertainty over house prices.
'The housing market faces a period of real uncertainty, and [the Chancellor] wants to get it moving,' explains the savings expert. 'The fact he feels intervention is needed raises a point of caution in itself. Plus of course, as the stamp duty rise is temporary, it could cause a demand bubble.'
'While it's almost certainly a good time to get a mortgage if you can, sadly only a crystal ball will tell you if it's a good time to buy or move,' he adds.
For many first-time buyers who have managed to save up more than a 20 per cent deposit, buying a house during the stamp duty holiday could be an opportunity to make some real savings. However, Martin does have a few words of advice.
'Ensure the financials are sound, don't overstretch yourself, pick a budget and stick to it (even if that dream home is just a little bit more, stick to your budget). Buy a home you'd be happy to stay in for longer, as that's the best insurance possible,' he advises.
Related: Martin Lewis explains how to get £5,000 to improve your home AND cut your energy bills (opens in new tab)
Will you be taking advantage of the stamp duty cut or waiting it out for a more stable time to invest?

Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.
-
DIYer leaves drab kitchen unrecognisable with stylish pink and green scheme
Despite having to start all over again when painting the cabinets, she only spent £260
By Millie Hurst
-
DIY kitchen ideas – 16 savvy ways to refresh your look for under £50
Looking to update your kitchen space on a budget? These clever ideas and tips are worth checking out
By Tamara Kelly
-
New build garden ideas to fill a new outdoor space with colour and character
Stop your new build garden looking the same as your neighbours with smart planting and design ideas
By Jayne Dowle