Are you considering selling or buying a property in the UK? It's essential to stay informed about the upcoming changes in stamp duty regulations set to come into effect on 1st April 2025.

From 1st April 2025, there will be several changes coming into effect for anyone moving home and first time buyers:

-The nil rate threshold which is currently £250,000 will return to the previous level of £125,000.

-The nil rate threshold for first-time buyers which is currently £425,000 will return to the previous level of £300,000.

-The maximum purchase price for which First-Time Buyers Relief (a reduced stamp duty rate) can be claimed is currently £625,000 and will return to the previous level of £500,000.

From April 1st, 2025, purchasers will face changes in stamp duty rates that could result in higher costs for property transactions. If you're planning to move, acting now to beat the stamp duty rises can save you money. Being proactive in your property dealings can help you avoid unnecessary expenses and secure a better financial outcome.

One crucial aspect to consider is the average extra cost a buyer might face due to the stamp duty changes. By understanding the potential financial implications, you can strategise and make informed decisions when searching for your next home.

Timing is everything. By being aware of the upcoming stamp duty changes and taking decisive action, can potentially lower your overall expenses and make your property transactions more cost-effective. We have seen a huge upsurge in activity from first time buyers since the announcement with all parties wanting to move before these changes happen. With only 4 months until these changes take affect as we have seen with previous stamp duty changes leaving a completion until the final few weeks is not ideal due to mortgage lenders and solicitors seeing a huge increase in workload.

If you looking to move contact your local Lawler and Co office for further help and advice.