Planning to buy your first home?
If you’re a first-time buyer dreaming of owning your own home, now is the time to take action. Big changes to Stamp Duty Land Tax (SDLT) are coming into effect from 1 April 2025. These changes mean the savings currently available to first-time buyers will be significantly reduced. However, there’s still time to lock in the benefits if you complete a house purchase before 31 March 2025.
An example for first-time buyers
To understand the impact, let’s look at an example:
Buying a £500,000 property:
Before 31 March 2025: You’ll pay £3,750 in Stamp Duty.
After 1 April 2025: You’ll pay £10,000 in Stamp Duty – a substantial increase of £6,250.
Buying a £300,000 property:
Under the current rules: No Stamp Duty.
After 1 April 2025: You’ll pay 5% SDLT on any amount exceeding £300,000.
How will this impact other buyers?
It’s not just first-time buyers who need to act fast. The general SDLT thresholds are also set to decrease. Currently, no Stamp Duty is payable on the first £250,000 of a property’s value. From 1 April 2025, this threshold will fall to £125,000. This change will affect all buyers, whether you’re purchasing your next family home, downsizing, or investing in a second property.
Why act now
The upcoming changes to Stamp Duty represent a major shift for buyers. For first-time purchases, in particular, the current rules provide a golden opportunity to save thousands – but the clock is ticking. Take advantage of today’s favourable rules and make your move before the changes come into effect. Find out how much you could save by getting in touch with your local branch today. You can also access the Ashtons Stamp Duty calculator.
For more detailed guidance, please visit the GOV.UK Stamp Duty information page.