Stamp Duty Land Tax changes are coming in April 2025, here's what this means for those looking to buy a home in Norfolk and across the country.
In September 2022, the government announced a temporary increase to stamp duty thresholds, giving homebuyers a financial boost during their property purchase.
This relief is set to end soon, with significant changes taking effect from April 1st 2025.
What are the Stamp Duty Rules until March 31st 2025?
- No Stamp Duty is payable on homes priced up to £250,000.
- First-time buyers enjoy an even higher threshold, with no Stamp Duty payable on homes up to £425,000.
What’s Changing on April 1st 2025?
The thresholds will revert to lower levels:
- The price at which you do not have to pay Stamp Duty on a home will drop to £125,000.
- For first-time buyers, the threshold will lower to £300,000.
Why Does This Matter?
If you’re planning to purchase a home, acting before these changes take effect could save you thousands of pounds in Stamp Duty charges.
Here’s an Example:
Let’s say you’re buying a property worth £400,000:
- Before April 1st 2025: You would pay £7,500 in Stamp Duty (on the portion above £250,000).
- From April 1st 2025: You’d pay £10,000 (on the portion above £125,000).
If you’re a first-time buyer purchasing a home for £400,000:
- Before April 1st 2025: You pay £0 in Stamp Duty.
- From April 1st 2025: You’d pay £5,000 (on the portion above £300,000).
Looking to move? Take action now!
Don’t wait until the changes come into effect. Purchasing your new home before March 31st 2025 could save you a significant amount in stamp duty charges.
If you’ve been thinking about moving, now is the time to act. Explore your options and make the most of the current stamp duty thresholds while they last.
Pop into your local Sowerbys' branch today, our local teams are happy to help.
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