Whether you're a first-time buyer or a long-term homeowner looking to downsize, the one expense that can often be overlooked when buying a new home is stamp duty. With stamp duty rates set to rise on 1st April 2025, now is the time to lock in the existing, lower rates to reduce your outgoings when purchasing your new home.
We have a range of homes available to move into by March 2025†. Discover your home today.
In October 2024, The Government announced significant changes to stamp duty, set to take effect from April 2025.
From 1st April 2025, the existing stamp duty rates will increase to the following:
If you have any questions about how much stamp duty you are required to pay, our sales advisors are happy to discuss this with you.
Example price of home | Stamp duty currently paid by non-first time buyers* | Stamp duty to be paid by non first-time buyers from 1st April 2025* |
£120,000 | £0 | £0 |
£200,000 | £0 | £1,500 |
£500,000 | £12,500 | £15,000 |
£900,000 | £36,350 | £38,750 |
Example:
In April 2025, you buy a house for £295,000. The stamp duty you owe will be calculated as follows:
0% on the first £125,000 = £0
2% on the second £125,000 = £2,500
5% on the final £45,000 = £2,250
Total stamp duty you will pay = £4,750
Example price of home | Stamp duty currently paid by first-time buyers* | Stamp duty to be paid by first-time buyers from 1st April 2025* |
£250,000 | £0 | £0 |
£400,000 | £0 | £2,500 |
£500,000 | £3,750 | £10,000 |
£900,000 | £32,500 | £35,000 |
*Rates are indicative only. The exact amount of stamp duty payable will be calculated at the point of sale.
Stamp duty is the tax that the Government charge on buying a new home in England and Northern Ireland and is paid on completion of your purchase.
At their current levels, first-time buyers pay no stamp duty on properties worth up to £425,000. This will revert to £300,000 at the end of March 2025.
If you are moving and purchase a home worth £250,000 or less, you will currently pay no stamp duty. From 31st March 2025, if you are a home mover and buy a house which is worth between £125,000 and £250,000 you will pay 2% stamp duty.
For homes worth between £250,001 to £925,000, you will pay 5% stamp duty.
Simply put, if you are a home mover and buy a £350,000 home now, you will pay £5,000 stamp duty. If you move in after 31st March 2025, this will rise to £7,500.
From October 31st 2024, the surcharge was increased from 3% to 5% for anyone purchasing an additional property. Additional property types include buy to let investments and second homes.
The surcharge is applied on top of the normal stamp duty land tax rate. Full rates, exemptions and more examples can be found here:
†Existing stamp duty rates applicable to homes which complete before 31st March 2025. Terms and conditions apply. Please speak to a sales advisor for more details.
