you could save thousands
thanks to stamp duty changes
On 17 November 2022, the Government announced that the Stamp Duty cuts introduced by the previous Government will not be permanent. The Chancellor said that he will “sunset the measure” from 31 March 2025. The nil-rate threshold is currently £250,000. From 31 March 2025 this will return to the previous level of £125,000.
The nil-rate threshold for first-time buyers, currently £425,000, will return to its previous level of £300,000. As will the maximum purchase price for which First Time Buyers’ Relief can be claimed, reverting to £500,000 from the current level of £625,000.
How Will It Affect ME?
The announcement will mean reduced Stamp Duty costs for all movers by up to £2,500, with first time buyers able to access savings of up to £11,250. A lot can change in two and a half years so do not rule out further changes in the future. The announcement will provide a degree of certainty in the medium term and offer good news to anyone considering purchasing a property in the near future, particularly first-time buyers.
Current Stamp Duty Rates
SDLT rates are normally charged on a ‘sliced’ basis, meaning that the rate increases for higher value properties as follows and that multiple rates may be applicable for different proportions of a property’s value.
Note: For properties priced over £625,000, no first time buyer relief is available. See existing homeowner rates.