If you buy your first home before 1 April 2025 you could save ££££s in Stamp Duty

April 2025 sees the end of the temporary increase to first time buyer stamp duty bands meaning the starting price at which first time buyers will pay stamp duty will revert from £425,000.00 back to £300,000.00. Therefore, if you complete the purchase of a property for £425,000 after 1st April 2025 the stamp duty bill will be £6,250 whereas it is currently zero.

There is also currently a reduced rate for first time buyers who purchase a property up to £625,000 in value and this will revert to apply only to purchases under £500,000.

If you are thinking about buying a property next year, it is worth considering doing so before the deadline of 1 April but you will need to start looking and instructing your solicitor now!

It is really important to be realistic about timescales; the average property transaction takes around 12 weeks – this means you should start the process in early January! There are lots of factors that mean the transaction could take this lengthy of time; your own mortgage offer, the results of a survey, the person you are buying from needing to move to somewhere else. You may be buying a flat and this requires lots of additional legal work in checking the leasehold management packs, and maybe you will be caught by the Building Safety Act that we can provide expert advice on, but will be another complicating factor.

Our Advice? If you are thinking of buying in the New Year, contact us for a quote as soon as you start looking and we can provide a clear estimate of costs including the stamp duty fees if applicable so that you know exactly what you can afford. We can carry out all your personal checks so that you, and we are set to go the minute your offer is accepted.