5 months left to take advantage of stamp duty relief

The Stamp Duty Land Tax (Temporary Relief) Act 2023 reduced the amount of SDLT paid by house buyers. This meant that SDLT only applies to properties priced over £250,000.

On 31 March 2025, the current rate will revert back to previous levels and so homes will be taxed from the price of £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.  

The removal of the temporary relief should act as a warning call for those thinking of moving, those who already live in a property but are seeking to purchase another which is priced above £425,000.00 and professional buyers seeking additions to their portfolios.  For Landlords and professional purchasers, especially those purchasing through a company, the higher SDLT rate of 3% applied after the first £40,000 will still remain in force.

Unlike the Stamp Duty holidays of 2020 and 2021, there has been little mention in the media of the upcoming change.  This could lead to many willing buyers being unintentionally caught out.  

For all of our clients, we will be taking a keen interest in developments and providing updates regarding the impending changes to come.

If you are considering buying a property in the near future, it would be best to ensure that you complete your purchase prior to the end of March 2025. This means agreeing the deal and instructing your Conveyancer as soon as possible.

If you have any questions about the conveyancing process or wish to get a quote for the costs involved, call our helpful and friendly team at Mosshaselhurst Solicitors on 01606 74301.