3 months left to avoid stamp duty hike

In our most recent blog, we highlighted that the Stamp Duty Land Tax (Temporary Relief) Act 2023 is due to revert back to previous levels on 1^st April 2025.  The confirmation of which having been given by the Chancellor of the Exchequer in October.   

 In summary:

On 1^st April 2025, the current rate will revert back to pre-2023 levels and so homes will be taxed from £125,000.

First time buyers currently only pay stamp duty if their home costs more than £425,000. This will drop to £300,000 in March 2025 and so is likely to have a significant impact on budgets. 

For Landlords and professional purchasers, especially those purchasing through a company, the new higher SDLT rate of 5% applied after the first £40,000.00 will remain in force.

Today, Rightmove have predicted that, along with the SDLT changes, there is a predicated surge in transactions for 2025 which is estimated to be 1.15 million.

It is highly expected that the first few months of next year will result in rates of buying and selling not unlike the high levels seen during the previous stamp duty holiday implemented to assist the property market following the economic impact of the COVID pandemic.  We repeat our encouragement to all those actively engaged in the property market or thinking about entering to bear this in mind.

If you are considering buying a property in the near future, it would therefore be best to ensure that you complete your purchase prior to March 2025. If you have any questions about the conveyancing process or wish to get a quote for the costs involved, why not call our team at mosshaselhurst Solicitors on 01606 74301?