If you’re thinking about buying a property but are worried there’s not enough time before the stamp duty rate increases next year, fear not! Now is the perfect time to buy. Find out more…
There’s no time like the present to start your property buying journey. Now is a great time to start looking, and with a bit of expert help, you could soon be moving in to your new home. The Bank of England has cut the base rate for a second time this year from 5% to 4.75%, meaning interest rates are at their lowest level for more than a year. Plus, there’s still time to buy now and complete the house buying process before the stamp duty rate increases on 1st April next year – which is great news for both buyers and sellers alike.
Stamp duty, or stamp duty land tax (SDLT), is a government tax paid by the buyer upon completion of the property purchase. The amount of stamp duty you pay depends on a number of factors including the price of the property, where it is (there are different rates in England, Wales, Northern Ireland and Scotland), if you are a UK resident, and whether you’re a first-time buyer, you’re buying a property as an individual or a company, you’re buying an additional property or you’re moving house.
In the autumn budget, the government announced various changes to stamp duty land tax which will come into force from 1st April 2025 when the temporary increases to the thresholds that came into force in September 2022 are due to end.
At the moment, buyers purchasing a property worth less than £250,000 don’t have to pay stamp duty if it’s their main residence, but from 1st April the threshold will change to £125,000. First-time buyers purchasing a property worth less than £425,000 currently do not have to pay stamp duty, but this threshold will be lowered to £300,000 from April.
From 1st April 2025 the new stamp duty rates for standard main residence properties in England will be:
0% for properties worth up to £125,000
2% for properties worth over £125,001 and up to £250,000
5% for properties worth over £250,001 and up to £925,000
10% for properties worth over £925,001 and up to £1,500,000
12% for properties worth over £1,500,001
With the right focus and approach, buyers can take full advantage of the current stamp duty rates and successfully complete a purchase before the new rates take effect in April. Whitaker Saeger can guide you through every step of the home buying process, paving the way for a quick and stress-free purchase. Directors Amy Seager and Liz Whitaker-Street have more than four decades of estate agency experience between them and know the area inside out having been born and brought up in the Cotswolds. Right from the get-go Whitaker Seager offers excellent customer service and an honest and personalised service helping you navigate the entire home buying process from start to finish.
Property buyers are predicted to take full advantage of the current stamp duty rates and buy now to complete by the end of March before the new rates take effect. Whether you’re a first-time buyer or you’re already several steps up the property ladder, Whitaker Seager can help you find your perfect property in no time at all.
