Hollywell Homes Stamp Duty Guide
What’s Happening with Stamp Duty Next Week?
If you're planning to move soon or considering buying a home in the near future, you're likely aware of the additional costs involved beyond the property price. One of the most significant of these costs is Stamp Duty – a tax paid to the government when purchasing a home or land.
However, important changes to the current Stamp Duty thresholds in England are set to take effect next week, on 1 April 2025. Here at Hollywell Homes in Worcester, we want to ensure our buyers and sellers understand these changes and how they may impact their move.
What’s Happened This Week?
Our recent analysis has highlighted that a significant number of home movers are set to miss the current Stamp Duty deadline, with their transactions likely completing in April rather than March. Many industry experts have called for a short extension to help these buyers avoid increased costs, but unfortunately, no such extension was announced in this week’s Spring Statement.
As our Director, Adam Paske, explains:
“This is a frustrating situation for many home buyers who have worked hard to secure their purchase within the existing Stamp Duty thresholds. With no extension granted, thousands of buyers will now face additional costs. At Hollywell Homes, we are advising our clients to plan ahead and understand the financial implications before committing to a purchase.”
What Could the Changes Mean if You’re Moving Soon?
Until 31 March 2025, buyers who have previously owned a home have been exempt from Stamp Duty on the portion of their property price up to £250,000. However, from 1 April, this threshold will revert to £125,000. For many home movers, this could mean an additional £2,500 in costs on average.
For first-time buyers, the current Stamp Duty threshold of £425,000 will reduce to £300,000 from 1 April. Given that the average first-time buyer property price in Worcester remains well below this threshold, most first-time buyers in our area should still benefit from reduced or no Stamp Duty costs.
Adam Paske adds:
“While first-time buyers in Worcester may not feel the full impact of these changes, those moving up the property ladder will need to budget carefully. We encourage our clients to speak to us about their options so they can make informed decisions.”
If you're purchasing a second home or a buy-to-let property, different Stamp Duty rates apply. Our team at Hollywell Homes is happy to guide you through these specifics to ensure you're fully informed before making your purchase.
For more information on the Stamp Duty changes and how they could affect your move, feel free to get in touch with us at Hollywell Homes. Our team is here to help you navigate these changes smoothly and make your move as stress-free as possible.
Contact the Hollywell Homes team -
01905 948848
info@hollywellhomes.co.uk
Contact the Hollywell Homes team -
01905 948848
info@hollywellhomes.co.uk
Share this article
