If youāre buying your first home or moving in 2025, be aware of upcoming changes to Stamp Duty Land Tax (SDLT)
What is Stamp Duty?
Stamp Duty Land Tax (SDLT), is a government tax that buyers must pay when purchasing property or land above certain price brackets. The amount you owe depends on various factors, including your residency status and whether you are a first-time buyer.
How is Stamp Duty Changing?
From April 1, 2025:
ā¢ The threshold for not paying any stamp duty will decrease from Ā£250,000 to Ā£125,000. This means that buyers will have to start paying tax on homes priced above Ā£125,000. This is for those who used to own in the past or who are selling their current home and buying a new one.
ā¢ For first-time buyers, the threshold will drop from Ā£425,000 to Ā£300,000. This means that if a first-time buyer buys a home costing more than Ā£300,000, they will need to pay Ā£6,250 in stamp duty.
ā¢ The maximum price for first-time buyers to claim a reduced rate will decrease from Ā£625,000 to Ā£500,000.
Impact on First-Time Buyers
Many first-time buyers will now face stamp duty costs where they wouldnāt have previously, affecting their finances and affordability.
Calculate Your Costs with Our Stamp Duty Calculator 2025
To calculate your costs, you may use https://shorturl.at/leMGw
Take Action Now
If youāre planning to buy or move in 2025, itās time to explore your mortgage options and budget accordingly. Reach out to us for personalised mortgage adviceāwe're here to help you navigate the process and achieve your home buying goals.
Contact us today for assistance on your home buying journey!
*This is not tax advice. To obtain one, please contact HMRC.
GRN Financial Services Limited is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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