Act Now – Stamp Duty Changes Are Coming!
In September 2022, the government announced a temporary reform of the Stamp Duty Land Tax, particularly benefitting First Time Buyers, but with considerable savings for most movers.
Many property professionals, and home buyers alike, hoped these cuts would be made permanent.
However, as part of his Spring Budget 2024, Chancellor of the Exchequer, Jeremy Hunt, confirmed that after March 2025 the Stamp Duty thresholds and charges would revert to their previous levels.
The table illustrated in the image below outlines the changes coming into effect, and are accurate at the time of publication, for purchases of a sole UK residence. Additional purchases incur differing charges.
This deadline may seem to be far in the future, however, many home movers do not realise that a conveyancer may need a minimum of 12-16 weeks to complete a sale or purchase for them. This does not take into account the marketing time before an offer is agreed. Additionally, it is not unusual for lengthy delays to occur with Mortgages, Management Companies or Probate Courts, to name but a few as well as the pressures of more transactions trying to be completed in Spring 2025 which will, inevitably, cause further work pressures on conveyancers and likely delays.
Our advice is simple: if you are thinking of moving, Act Now, do not risk missing out on the reduced Stamp Duty rate.
The author: Kate Green
