As you may have heard the Chancellor of the Exchequer announced changes to stamp duty in her November budget.
What does that mean to Purchasers?
- 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 can be claimed is currently £625,000 and will return to the previous level of £500,000.
From 31 March 2025 the Stamp Duty rates on a standard residential purchase of a freehold property for an individual that is UK resident and replacing a main residence will be as follows:
At this time it is not clear whether or not there will be any further amendments, but if you are looking to purchase completing sooner rather than later would seem prudent.