18 / 11 / 24
Upcoming Stamp Duty Changes – 31st March 2025
On 31st March 2025 we are due to see some changes to stamp duty charges. While this date may seem quite far away at this time, it is good for potential buyers to know what the upcoming changes will mean for them and as this time frame doesn’t take into account the time it takes for a home seller to find a buyer, so, it’s also important to take into account for people in the process of selling.
What is Stamp Duty?
Stamp Duty is a land tax which is paid to HMRC (HM Revenue and Customs) when buying a new home or buying land. Stamp duty isn’t a fixed payment, therefore there are a few factors which can affect the amount of Stamp Duty you would pay, for example: if you are a first-time buyer, whether you’re buying a second/additional property or just moving your main place of residence and more. Solicitors and Mortgage Advisors will be able to share more information with you on Stamp Duty and how much you will pay.
How will the Stamp Duty change effect first-time buyers?
The stamp duty changes which will take place in April will see increases in the cost of moving home and will have a significant impact on homebuyers.
This will impact first-time buyers more than it will impact people who already own a home; however, it will still change for both. Below is a table showing how stamp duty will be changing and the price increase for first-time buyers.
How will the Stamp Duty change effect existing homeowners?
Existing homeowners will be affected to a lower degree, however there will still be price increases for people who already own a home and are looking to purchase a new property. The diagram below shows the impact the changes will have on home movers.
What can we do to help?
The good news is that we have homes available at Pentland Homes priced under £425,000! This means no stamp duty to pay for first-time buyers. If you buy your first home by Christmas, then you will avoid missing out on up to £6,250 of stamp duty savings. So, make sure you check out the properties we have available at Poppy Fields, Hawker 6 and Mulberry Place so that you can save some money on your move, before these changes take place next year. Get in touch with our team for more information on these homes.