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New Stamp Duty rules - how much could they cost you?
With a new year comes thoughts of buying a new home, but buyers need to act quickly before hikes in Stamp Duty come into force.
Changes were announced in the recent Budget which will see the tax threshold return to pre-Covid levels, affecting many more buyers – especially those buying a home for the first time.
In September 2022, a higher rate of stamp duty was introduced in England and Northern Ireland that meant you would only start to pay stamp duty if your property is your only residence and is worth over £250,000. But Rachel Reeves announced in her Autumn Budget that this will drop back down to its previous level of £125,000 in March 2025.
First-time buyer rules will also change. You currently only start to pay stamp duty if the property you’re buying is worth over £425,000 – but this is due to drop back down to £300,000.
The changes will see buyers in England potentially paying thousands more for their property transactions – and first time buyers will be hit especially hard.
Currently, buying a first home worth £425,000 would cost nothing in stamp duty, but from April 1, 2025, it will cost £6,250.
We expect these changes to create a surge in buyers looking to move home and complete their purchase before the stamp duty changes come into effect.
If you’re a first-time buyer or considering buying a property, acting quickly could allow you to lock in lower stamp duty rates and avoid potential delays in the conveyancing process.
Understanding the upcoming changes to stamp duty and taking advantage of current rates could save you both time and money in the long run.
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