What Stamp Duty changes could mean for shared owners

Significant changes to Stamp Duty Land Tax (SDLT) are set to take effect from April 1, 2025. 

Learn how they could impact your home-buying budget.

What’s Changing With Stamp Duty?

From April 2025, the nil-rate threshold for stamp duty will revert to its previous level of £125,000, down from the current £250,000. For first-time buyers, the threshold will drop from £425,000 to £300,000.

This means that if you’re planning to buy a new home in 2025, you could end up paying more in Stamp Duty if you wait until after these changes come into effect.

Why First Time Buyers Should Act Now?

1. Save Money: By purchasing your home before April 2025, you can take advantage of the higher nil-rate threshold and could save thousands of pounds in Stamp Duty on private sale or shared ownership homes.
2. Secure Your Ideal Home: With many buyers rushing to complete their purchases before the deadline, the market is expected to be highly competitive, and developers may even offer buying incentives to help sell homes before Stamp Duty changes come into effect. Acting now increases your chances of securing your ideal property for the best possible value.
3. Avoid Last-Minute Stress: The closer we get to April, the busier the property market will become. By starting your home-buying journey now, you can avoid the last-minute rush and get the best value deal for your new home.

How to Get Started

1. Research: Browse our choice of homes in great London locations and contact our sales team for more information.
2. Get Pre-Approved: We can put you in touch with a mortgage advisor who can financially qualify you to buy and even get you pre-approved for a mortgage. This will give you a clear idea of your budget and make you a more attractive buyer. A mortgage advisor will also be able to help you understand the Stamp Duty changes and how to get the best value for money long-term, particularly if you are buying with Shared Ownership where different rules will apply to your purchase.
3. Find a Property: Start viewing homes. You may find that properties ready to complete before the Stamp Duty changes offer additional buying incentives so the sooner you act, the better your chances of saving.

Don’t miss out on this opportunity to save money and secure a home of your own home. Act now and make your move before the stamp duty changes come into effect in April 2025!