23/01/2025
We are already seeing an increase in first time buyers purchasing their first home before the stamp duty increases come into place in April.
In the Autumn Budget, Chancellor Rachel Reeves announced an increase to the amount of stamp duty home-movers and landlords in England will pay from the start of April next year.
Since September 2022, buyers of homes priced up to £250,000 have had an exemption from paying stamp duty. This is set to revert to previous levels from April, when stamp duty will be payable on homes priced above £125,000.
The threshold has also been raised for first-time buyers since 2022, with no stamp duty payable on homes priced up to £425,000. For homes priced above £425,000, first-time buyers currently pay 5% on the amount up to £625,000. If the home is priced above £625,000, the first-time buyers’ relief doesn’t apply. From April, the threshold will revert back to £300,000.
