From 1st April 2025, major changes to Stamp Duty Land Tax (SDLT) take effect, impacting the majority of homeowners in the UK. If you’re planning to buy or move home, it’s crucial to understand how these changes could impact your costs.
Around 49% of homeowner purchases over £250,000 will pay an extra £2,500 in stamp duty from 1st April. Meanwhile, those purchasing a property between £125,000 - £250,000 will now pay up to 2% extra tax, up to a maximum of £2,500.
Some First-time buyers will also face higher costs, where properties in the £300,000 - £625,000 range could see stamp duty charges of up to £15,000. However, first-time buyers purchasing a property under £300,000 remain exempt from stamp duty.
With stamp duty costs rising, it’s important to plan ahead. If you or someone you know is considering buying a home, assess how the additional tax will impact budget and savings.
For those unable to buy before the changes take effect, focusing on saving strategies will be key. Cutting back on unnecessary spending, reviewing household budgets, and setting aside additional funds each month can help offset the higher costs. Consider options like higher-interest savings accounts, ISAs, or investments to grow your deposit more efficiently.
If you are planning to move, factoring in the increased stamp duty into your selling price or mortgage calculations will help you stay financially prepared.
To discuss your options and how these changes could affect your mortgage, get in touch with our team today!
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors
