14 November 2024
With no mention in the Autumn Budget of the extension to the current stamp duty relief for first-time buyers the countdown has begun to save thousands of pounds.
Stamp duty explained
Stamp duty is a form of tax paid to the government when buying property or land.
The amount buyers pay varies based on the cost of the property, and whether you’re buying a home to live in, or an additional home.
To find out how much stamp duty you could pay we recommend the WHICH stamp calculator
Right Move Property Expert, Tim Bannister, explains: “The previous government adjusted stamp duty thresholds until March 2025, which meant that home-movers would pay lower stamp duty fees, and in many cases (mostly for first-time buyers), meant no stamp duty to pay at all. There were no announcements around an extension to the current elevated thresholds in the Chancellor Rachel Reeves Budget, meaning these are set to drop back at the end of March 2025.”
Tim continues: “The threshold rate at which first-time buyers do not pay stamp duty is likely to fall from £425,000 to £300,000. If a first-time buyer buys a property at the average UK price of £370,759 they will pay £3,538 in stamp duty from March 2025, compared with nothing now.”
“We may now see a rush of buyers, particularly those purchasing for the first time, either bringing their plans forward or trying to get their deal done before charges go up.
“It currently takes a lengthy 152 days on average to complete a property transaction once a sale is agreed, which would mean agreeing a deal tomorrow to complete on time. While this is an average and many will be hoping to complete more quickly, it highlights that those who are hoping to avoid higher charges will need to act quickly”, Tim adds.
How Walton Homes can help you first time buyers save on stamp duty
Walton Homes Director Amy says: “Designed with first time buyers in mind we have a selection of two and three bedroomed build complete homes ready to move into at our Acresford Park and Woodwinds developments, priced from £299,995.
“We are committed to doing all we can to help our homebuyers purchase go through as smoothly and promptly as possible, helping our customers to save thousands on stamp duty ahead of the deadline on 1st April 2025.”
To find out more contact us today.
