Stamp Duty Updates

On 30 October 2024 Chancellor Rachel Reeves announced an increase in Stamp Duty for second homes. The government has also confirmed the position on first time buyer reliefs due to come to an end in March 2025.

The second-home stamp duty land tax surcharge has risen two percentage points (to five per cent) from Thursday 31st October.

The government have also confirmed the temporary rates of relief for first time buyers, introduced by the previous government in 2022, will end on 31st March 2025 – reverting to 2022 SDLT rates

The residential nil rate band will revert to £125,000

The First-time Buyers’ Relief nil rate band will revert to £300,000

The maximum transaction value for First-time Buyers’ Relief will revert to £500,000.

If you are considering buying a property in the near future and wish to take advantage of the temporary reliefs, you should aim to agree the deal and instruct 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.