Stamp Duty Land Tax is changing from 1st April 2025

Stamp Duty Land Tax is changing form 1st April 2025

Stamp Duty Land Tax (SDLT), or more commonly called Stamp Duty, will be changing for properties which complete after the 1st April 2025. For most the increase will be paying 2% duty on the purchase price between £125,001 and £250,000 which, for those buying a property over £250,000, equates to a £2,500 increase. As the average sale price in the Cotswolds is above £250,000, this will apply to most and applies if you are a buying a main home, a second home or investment property.

The impact is greatest with first time buyers who have access to lower rates if purchasing a property below the value of £625,000. This threshold is being dropped to £500,000, therefore fewer first-time buyers will be able to claim the relief. In addition, the level at which a first-time buyer starts paying the tax drops from £425,000 to £300,000. If a first-time buyer is lucky enough to be buying a property at £600,000 then their liability would increase from £8,750 to £20,000 from 1st April 2025 – a substantial 2.3 times increase.

Please give the team at Hayman-Joyce a call if you’d like to chat with us about Stamp Duty and anything else related to the property market – we’re happy to help.

Leave a Reply

Your email address will not be published. Required fields are marked *