Stamp Duty Land Tax holiday to end in 2025
If you’re thinking of moving home at the moment, now is the time to start looking. Prospective buyers have until 31March 2025 to complete on their property transaction before the temporary Stamp Duty cut (initially announced by then-Chancellor Kwasi Kwarteng in September 2022) comes to an end.
What do I have to pay currently?
Until the end of March 2025, Stamp Duty rates are as follows:
First time buyers pay no Stamp Duty at all up to £425,000 (subject to a maximum property value of £625,000).
All other buyers of main residential properties pay no Stamp Duty up to £250,000.
The rates then proceed as follows:
| From £250,001 to £925,000 | 5% |
| From £925,001 to £1.5 million | 10% |
| £1.5 million+ | 12% |
If you are buying a second home before 31 March 2025, the rates will be as follows:
| Up to £250,000 | 3% |
| From £250,001 to £925,000 | 8% |
| From £925,001 to £1.5 million | 13% |
| £1.5 million+ | 15% |
What will I have to pay from April 2025?
From April 2025, the nil-rate threshold for Stamp Duty will return to £300,000 for first-time buyers (subject to a maximum property value of £500,000) and £125,000 for all other buyers. Buying before this deadline could save first-time buyers up to £11,250 in Stamp Duty, while other purchasers stand to save up to £2,500.
From April 2025, Stamp Duty rates for main residences will be as follows:
| Up to £125,000 | 0% |
| From £125,001 to £250,000 | 2% |
| From £250,001 to £925,000 | 5% |
| From £925,001 to £1.5 million | 10% |
| £1.5 million+ | 12% |
If you buy a second home from April 2025, the rates will be as follows:
| Up to £125,000 | 3% |
| From £125,001 to £250,000 | 5% |
| From £250,001 to £925,000 | 8% |
| From £925,001 to £1.5 million | 13% |
| £1.5 million+ | 15% |
Get your purchase over the line
When you’re faced with a deadline, you want solicitors on your side who will be responsive, proactive and who will do everything they possibly can to complete your transaction efficiently and with as little stress as possible.
That’s our Residential Property department at Attwaters Jameson Hill.
We have invested in our Residential Property team and have enough solicitors, conveyancers and assistants to give each and every case the time and attention it deserves.
If you are looking to save on Stamp Duty and would like expert conveyancing assistance, please do get in touch with our team on 0330 221 8855 or email enquiries@attwaters.co.uk
