Notice To First-Time-Buyers Regarding Stamp Duty

First-time-buyers have 4 months remaining to take advantage of current stamp duty thresholds before changes come into effect from April 2025.

The current 0% stamp duty threshold for first-time-buyers is £450,000, which was increased from £300,000 in September 2022. The previous threshold of £300,000 will be reinstated after 31st March 2025 and could have significant ramifications for purchases completing after this date.

A purchase of £475,000 today would be liable for £2,500 stamp duty. This is 0% for the first £450,000 and 5% of the remaining £25,000.

When the threshold benefit drops to £300,000 from April, this liability will be £8,750 (5% of £175,000)- a hefty increase of £6,250.

Existing homeowners purchasing a new residential property will also be impacted by changes from April, details on how those clients may be affected can be found here.