Are you planning to buy a house soon? Don’t miss your chance to save thousands of pounds on your next home purchase! Stamp duty fees are set to rise after 31st March 2025, which could significantly increase your home-buying costs. Whether you’re a first-time buyer or moving up the property ladder, Banks Homes is here to help you secure your ideal home while benefiting from the current reduced stamp duty rates.
What is Stamp Duty, and Why Should You Act Now?
When purchasing a property in England, buyers must pay Stamp Duty Land Tax (SDLT). It’s a government tax applied to both freehold and leasehold properties, whether you’re buying with a mortgage or cash. Right now, reduced thresholds are in place, offering homebuyers significant savings—but those savings will disappear when the changes take effect in April 2025.
If you’re looking to purchase a home, acting now could help you avoid the higher tax rates coming soon.
Upcoming Stamp Duty Changes – What Do They Mean for You?
For First-Time Buyers:
Since September 2022, first-time buyers have benefited from a higher stamp duty threshold of £425,000, meaning no stamp duty is due on properties up to this amount. But starting April 2025, this threshold will drop to £300,000, raising the cost for many new homeowners.
For example, if you’re a first-time buyer purchasing a property at the average UK house price of £370,759, completing your purchase before the deadline could save you around £3,538 in stamp duty.
For Home Movers:
If you’re upgrading to a new home, the changes will affect you too. Currently, no stamp duty is due on properties costing up to £250,000, but after March 31st, 2025, buying a £250,000 property will result in a £5,000 stamp duty bill.
Current Stamp Duty Rates (Until 31st March 2025)
- Up to £250,000 – 0%
- £250,001 to £925,000 – 5%
- £925,001 to £1,500,000 – 10%
By acting now, you can lock in these lower rates and potentially save thousands on your new home.
Get Expert Guidance with Banks Homes
At Banks Homes, we know that buying a home can be overwhelming—especially when tax rules are changing. That’s why we’re committed to helping you every step of the way. We can connect you with experienced property solicitors who will guide you through the process, ensuring you understand how stamp duty applies to your purchase.
These savings are only on selected plots, helping you save even more on your next home!
Why Wait? Your Completion Date Matters
Your stamp duty liability depends on your completion date, not the date you agree to purchase the home. So if you want to take advantage of the current lower rates, acting quickly is essential.
Helpful Tools for Buyers
We want to make your home-buying experience as smooth as possible. Use our handy Stamp Duty Calculator to see how much you could save by completing your purchase before the changes take effect.
Ready to Find Your New Home? Contact Banks Homes Today!
Whether you’re a first-time buyer or a current homeowner looking to move, we’re here to help you find the perfect property and save on stamp duty costs. Don’t wait until the changes take effect—secure your dream home now!
Contact us today to learn more, explore our available properties, and take advantage of exclusive offers on selected homes.
