Stamp Duty Changes: Why Buying Before April 2025 Could Save You Thousands
17 December 2024Are you planning to buy a new home? With upcoming changes to stamp duty in England from 1st April 2025, now’s a good time to act.
The stamp duty thresholds are set to shift significantly, meaning many homebuyers will face higher costs if they purchase after this date. Here’s how these changes could affect you:
What’s Changing?
There will be changes for most buyers, with first-time buyers most affected:
Current stamp duty for first-time buyers:
Property value |
Stamp duty rate for first-time buyers |
Up to £425,000 |
0% |
£425,001 to £625,000 |
5% |
Stamp duty for first-time buyers after 1st April 2025:
Property value |
Stamp duty rate for first-time buyers |
Up to £300,000 |
0% |
£300,001 to £500,000 |
5% |
There will also be changes for those who are not first-time buyers, but are moving their main property:
Current rates for purchase of main residences:
Property value |
Stamp duty rate for main residence |
Up to £250,000 |
0% |
£250,001 to £925,000 |
5% |
£925,001 to £1.5 million |
10% |
Over £1.5 million |
12% |
Stamp Duty for purchase of main residences after 1st April 2025:
Property value |
Stamp duty rate for main residence |
Up to £125,000 |
0% |
£125,001 to £250,000 |
2% |
£250,001 to £925,000 |
5% |
£925,001 to £1.5 million |
10% |
Over £1.5 million |
12% |
Finally, second-home purchasers will also be affected.
Current rates for purchase of additional properties:
Property value |
Stamp duty rate for second property |
Up to £250,000 |
5% |
£250,001 to £925,000 |
10% |
£925,001 to £1.5 million |
15% |
Over £1.5 million |
17% |
Stamp Duty for purchase of additional properties after 1st April 2025:
Property value |
Stamp duty rate for second property |
Up to £125,000 |
5% |
£125,001 to £250,000 |
7% |
£250,001 to £925,000 |
10% |
£925,001 to £1.5 million |
15% |
Over £1.5 million |
17% |
How Much Could You Save?
By buying now and legally completing before 31st March 2025, you could avoid paying thousands in additional stamp duty. Acting before the new rules come into effect could be the difference between your dream home staying within your budget or slipping out of reach. For example, a first-time buyer purchasing a property above £425,000 will pay £6,250 in stamp duty after 1st April 2025 as opposed to £0 before 1st April 2025.
Why Choose Devonshire Homes?
At Devonshire Homes, we have a range of beautiful new homes available across our developments. Whether you’re a first-time buyer or looking to upgrade, our expert team is here to help you find the perfect property and avoid the upcoming increases in stamp duty costs.
If you’re considering a move, now is the time to act. Contact us today to explore our range of homes and ensure you secure your new home before the changes come into effect.
Get in touch with our Sales Executives to discuss your options and learn about the homes that could qualify for completion before 31 March 2025.