Have you been thinking about moving but decided to put it off until 2025? It might be time to revisit that decision. Here is why!
Let’s go back to Autumn 2022, when the government temporarily increased the Stamp Duty Land Tax (SDLT) thresholds. This change allowed homebuyers to purchase a residential property with less tax to pay. The nil-rate threshold was raised from £125,000 to £250,000, and for first-time buyers, the relief threshold increased from £300,000 to £425,000 (outside of London).
This tax break has been a significant help for many buyers, making it easier to get onto the property ladder or move homes without the burden of high SDLT costs. However, this scheme is set to end on March 31st, 2025. Any property transactions completed after this date will be subject to the old SDLT rates, potentially increasing the cost of your move.
If you’re planning to take advantage of these current stamp duty savings, it’s worth considering a move this Autumn.
To illustrate the potential impact, let’s take the average house price in The South Hams as an example. If you’re purchasing a primary residence priced at £446,523:
- SDLT as of September 2024: £9,826
- SDLT from April 1, 2025: £12,326
Starting the process now will give you ample time to navigate the conveyancing process and ensure your transaction is completed before the deadline. By acting soon, you could avoid paying up to an extra £2,500 in Stamp Duty Land Tax.
Since 1873, Luscombe Maye Estate Agents has been partnering people with properties, weathering the changes from both within the property market and outside it. With seven offices across The South Hams, our team of professional property experts are ready to guide and support you on your home move journey. Whether you’re just starting to consider a move or ready to take action, feel free to pop into one of our offices, give us a call, or send an email. Let’s get you moving this Autumn!
From 1st April 2025 the Stamp Duty Land Tax thresholds are set to be as follows:
| Relevant consideration | Percentage |
| Up to £125,000 | Nil |
| The next £125,000 (the portion from £125,001 to £250,000) | 2% |
| The next £675,000 (the portion from £250,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
