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If you're a first-time buyer, now might be the perfect time to step onto the property ladder before the Stamp Duty Land Tax (SDLT) changes take effect on 1 April 2025.
In this guide our expert Residential Property Solicitors explain how the upcoming changes might affect you and how we can help you secure your first home without delay.
Yes, but you need to instruct a solicitor promptly.
At Myerson, we are experts in dealing with fast-paced residential transactions.
Whilst we recognise that an average purchase can take 12-15 weeks, we aim to aim to beat the curve.
Since the Stamp Duty Land Tax changes were announced in the Autumn Budget, we have been preparing for the ‘March rush’ and are now equipped to take on new instructions.
Stamp Duty Land Tax (SDLT) is a tax payable by a purchaser on land transactions in England. It is a personal tax and therefore, the calculation depends on your individual circumstances.
Within fourteen days of completion, your solicitor will file your return with HM Revenue and Customs and settle any duty payable.
SDLT is not payable on all transactions, and sometimes a relief can be applied to reduce the amount due.
The First-Time Buyer Relief will change from 1 April 2025. This was introduced in November 2017 and the purpose was to help first time buyers step onto the property ladder by reducing the upfront cost of purchasing a home.
At present, outside of London, there is no SDLT to pay on a purchase price up to £425,000 and 5% on the portion from £425,001 to £625,000. There is no relief available beyond £625,000.
However, from 1 April 2025, the thresholds will change. There will be no SDLT to pay if the purchase price is up to £300,000 and 5% on the portion from £300,001 to £500,000 (outside of London). There will be no relief available for a purchase price of £500,000 or more.
Ultimately, this is a personal decision, but it would be an exciting way to start the year!
Leading Estate and Lettings Agent Hale Homes is ‘seeing a flurry of motivated first-time buyers hoping to complete quickly’ and expects the residential property market to be ‘buoyant’ in 2025.
At Myerson, we anticipate that first-time buyers will want to accelerate their transactions to benefit from the current thresholds.
This prediction is shared by Halifax who believe that the upcoming changes to SDLT will ‘motivate’ first time buyers to ‘bring any home-buying plans forward.’
At present, the average value of a UK property is now £297,166.
Post 1 April 2025, first-time buyers will no longer be able to take advantage of the current thresholds and will need to find the means to pay 5% of the property value over £300,000.
Since the SDLT announcement was made on 30 October 2024, our Residential Team have been preparing for a wave of new instructions.
We are keeping our eye on the shifting legal landscape and will help you to understand how the changes to the First Time Buyer Relief will impact your unique tax position.
We are equipped to work to the tight deadline of 31 March 2025.
Our Residential Property Team do not deal in bulk conveyancing and therefore, will not use automated systems to manage your transaction. We will work quickly and efficiently on your matter without losing the ‘human touch.’
Please contact our Residential Property Team if you would like to receive a quotation to purchase your first home on:
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Laura has experience acting as a Residential Property solicitor. Laura has experience in a wide range of residential property transactions, including freehold and leasehold sales and purchases, Transfers and Assents.
About Laura Higgins >
