As we head into the New Year, you might be thinking about making a fresh start—perhaps with a new home. With changes to Stamp Duty Land Tax (SDLT) coming into effect on 1st April 2025, there’s no better time to plan your move. Acting before 31st March 2025 could help you save money and avoid unnecessary stress, especially if you’re considering buying your lifelong home. Here’s what you need to know to get ahead.
What’s changing?
From April 2025, the way Stamp Duty is calculated will shift, affecting most buyers. Here’s what’s happening:
- For main residences, the tax-free threshold will drop from £250,000 to £125,000.
- For first-time buyers, the tax-free threshold will decrease from £425,000 to £300,000, and the First-Time Buyers Relief (reduced rates for eligible buyers) will be capped at properties worth £500,000 (down from £625,000).
This means many buyers will face higher upfront costs, making the period before 31st March 2025 an ideal time to secure your next home before the new rules come into play.
What Does This Mean For Buyers?
- First-Time Buyers
- Current Rules: Pay no Stamp Duty on properties up to £425,000.
- From April 2025: The threshold drops to £300,000, meaning many first-time
buyers could pay thousands more in Stamp Duty.
Hint: If you’re buying your first home, acting before the changes take effect could save you a significant amount.
- Home Movers
- Current Rules: Pay no Stamp Duty on properties up to £250,000.
- From April 2025: The zero-rate threshold will be halved to £125,000, increasing the tax cost for most buyers.
Hint: If you’re upsizing, it’s worth acting sooner to avoid higher costs next year.
- Buy-to-Let and Second Homes
- Impact: These changes will also make additional property purchases more expensive, so acting early could be a smart financial decision.
How to prepare For Your Move
- Start Planning Now
Research your options and familiarise yourself with the market. Whether you’re buying your first home or looking to move, understanding your choices is key. - Get Your Finances Ready
Plan your budget carefully, including Stamp Duty costs under the current rules, and make sure you’re financially prepared for the buying process. - Consider a New Build
New builds, like our bespoke bungalows, often come with added benefits such as warranties, energy efficiency, and modern designs, making them an excellent choice for buyers seeking a hassle-free move.
Why Act Before 31st March 2025?
The upcoming Stamp Duty changes create a clear window of opportunity for buyers. Acting early can help you avoid higher costs while
securing your dream home under more favourable conditions.
By moving before the changes, first-time buyers and home movers alike can save money and reduce the stress of navigating higher tax rates.
Find your Lifelong Home With Altoria Homes
At Altoria Homes, we’re here to help you make your next move as seamless as possible. Our beautiful, bespoke bungalows combine comfort, energy efficiency, and long-term value — perfect for your next chapter.
Don’t wait for the changes—explore our homes today and take the first step towards your lifelong home. Contact us today to learn more!
