Buy a brand new home now and save stamp duty!
Why buying a brand new home now will save thousands in stamp duty!
We’re getting the message out to all our customers that there’s no time like the present to make stamp duty savings by buying a brand new home before March 31 2025, whether you are a first-time buyer or home mover. Check out the following data & insights regarding potential savings…
Currently, the discount for first-time buyers to March 31 2025 is:
No SDLT up to £425,000
5% SDLT on the portion from £425,001 to £625,000
*If the price is over £625,000 you cannot get the relief, so you will need to follow the rules for those people who have bought a home before.
From April 1 2025, the discount for a first time
buyers will be:
0% on the first £300,000
5% on the portion from £300,001 to £500,000
*If the price is over £500,000, you cannot claim the relief.
Illustrative Example 1
If you are a first time buyer buying a property for £425,000 before March 31 2025, the great news is that you will pay no stamp duty at all!
From April 1 2025 stamp duty for this property will be calculated as follows:
0% on the first £300,000 = £0
5% on the remaining £125,000 = £6,250
Total SDLT = £6,250
So you will save £6,250 if you act now and buy before March 31 2025, that’s a sizable chunk of money that could be put towards your other moving costs.
For buyers that have owned a property before,
the discount to March 31 2025 is:
No SDLT up to £250,000
5% SDLT on the portion from £250,001 to £925,000
10% SDLT on the portion from £925,001 to £1.5 million
12% SDLT on the portion above £1.5 million
From April 1 2025 the discount for property owning buyers will be:
No SDLT up to £125,000
2% SDLT on the portion from £125,001 to £250,000
5% SDLT on the portion from £250,001 to £925,000
10% SDLT on the portion from £925,001 to £1.5 million
12% SDLT on the portion above £1.5 million
Illustrative Example 2
The stamp duty payable for a home mover buying a property for £425,000 before March 31 2025 will be calculated as follows:
0% on the first £250,000 = £0
5% on the remaining £175,000 = £8,750
Total SDLT = £8,750
From April 1 2025, stamp duty payable will be:
0% on the first £125,000 = £0
2% on portion up to £250,000 = £2,250
5% on the remaining £175,000 = £8,750
Total SDLT = £11,250
This means a saving of £2,500 if you buy a before March 31 2025.
Take advantage of these stamp duty savings if you buy a brand new property before March 31 2025. You’ll not only pay less, but you will confidently know you will have more to put towards other moving costs – what’s not to like about that!
Take advantage of these stamp duty savings if you buy a brand new property before March 31 2025. You’ll not only pay less, but you will confidently know you will have more to put towards other moving costs – what’s not to like about that!
Reach out to our new build team today if you require any further assistance.