By Just a little heads up to buyers looking to buy their first home in the next year.
It seems likely that the current zero rate threshold of £425,000 for first time buyers will be reduced back to £300,000 from April 2025.
The labour manifesto was fairly clear that this was the plan, in contrast to the Conservatives as Rishi Sunak had considered making the current £425,000 threshold permanent.
In our local area the price of a three bedroom semi or terraced home coming to the market in July was £397,321*, which would mean a stamp duty bill for first time buyers of almost £5,000 after April 2025.
Detailed calculation
This is a breakdown of how the total amount of SDLT was calculated | ||
Purchase price bands (£) | Percentage rate (%) | SDLT due (£) |
Up to 300,000 | 0 | 0 |
Above 300,000+ | 5 | 4,866 |
Total SDLT due | 4,866 | |
So, if you are currently thinking about taking your first steps on the property ladder, and were hoping to buy more than a two bedroom home, you might be wise to start the ball rolling sooner rather than later.
Get in touch today and we’ll help you find your dream home.
Call 01489 579009 or email parkgate@robinsonreade.co.uk
*Figures from Rightmove Plus
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