You could save thousands on Stamp Duty

What is Stamp Duty Land Tax?
Known simply as ‘stamp duty’ or ‘SDLT,’ it is a government tax payable when buying property over a certain value in England or Northern Ireland.

In September 2022, the government announced a temporary ‘stamp duty holiday,’ allowing property purchases up to £250,000 (£425,000 for first-time buyers) to be exempt from tax. This holiday ends on 31st March 2025, after which you may have to pay more for your new home.

To benefit from the current rates, you will need to complete the purchase of your new home before midnight on 31st March 2025.

How will the changes impact me?
If you are a first-time buyer, you are likely to be most affected by these changes. The 0% tax exemption for first-time buyers will be change from £425,000 to £300,000, and the maximum purchase price eligible for any First-Time Buyers’ Relief will return to £500,000.

For example:
If you buy a new home valued at £400,000 today, you would pay no tax as a first-time buyer.

From 1st April 2025, you will need to pay £5,000 in tax on the same property.

For those purchasing a second home, an extra band has been added to the stamp duty thresholds. You will now pay 5% tax on any property valued over £125,000 (this was previously £250,000).

Where can I find more information?
We understand this can be a lot to navigate. For a full breakdown of the stamp duty changes, please visit the official government website.