Race to beat the Budget hike

Budget changes to Stamp Duty Land Tax (SDLT)

Currently, buyers of homes valued below £250,000 in England and Northern Ireland don't pay Stamp Duty but this figure is widely expected to reduce to £125,000 on 31 March 2025.

Those buying their first property worth up to £425,000 don't pay Stamp Duty but this is also expected to reduce, to £300,000, on 31 March 2025.

Changes to Higher rate for Additional Dwellings (HRAD)

Someone who already owns a residential property worth £40,000 or more must pay an additional surcharge on top of the rates above when they buy another property.

The surcharge rate for additional properties has increased from 3% to 5% from 31 October 2024. This means that it is an extra 5% on top of standard SDLT.

How will it affect the market?

Buyers will be keen to complete their purchase before the 31 March 2025 deadline when the Stamp Duty increases come in.

This could lead to an increase in activity leading up to that date, reverting back to normal after the deadline date.

If you are thinking about selling your property and would like to arrange a free valuation with PLJ, please call Amanda on 01684 575100 or James on 01905 26664

Or click on this link to go to our contact page.