Buy now
to save thousands on stamp duty
One of the big changes announced in the budget by Chancellor
Rachel Reeves was changes to Stamp Duty. The tax applied to home purchases.
In 2022, the level where stamp duty became payable for
first-time buyers was temporarily increased to £425,000, the chancellor has now
announced it will revert to £300,000 in April. If a property is more
expensive you currently only pay tax at 5 percent on the portion between
£425,000 and £625,000.
The last day to complete on buying your new home before the
stamp duty change is 31st March 2025. This means if you are buying a house with
a purchase price up to £425,000, if you complete before 31st March first time buyers will pay £0 stamp duty. From
1st April 2025, first time buyers will
have to pay £6,250 in stamp duty land tax if buying at £425,000.
Speaking on a Budget special of The Martin Lewis Money Show
on 31 October, Martin told first-time buyers: “If you’re looking to buy now,
you want to get it done before next April as it is going to get a lot more
expensive.”
So if you want to save thousands, now is a better time than
ever to get on the property ladder.
Take a look at our range of 2, 3 & 4 bedroom homes from
£430,000 available at our Surrey development Amber Waterside in Cranleigh and
our 3 & 4 bedroom homes from £450,000 at Water's Edge, Mytchett.