New Stamp Duty Land Tax rates
An increase in Stamp Duty Land Tax (SDLT) in April this year has significantly increased the cost of purchasing property both for current homeowners and first time buyers.
Homeowners now face a 2% increased SDLT charge on property values between £125,000 and £250,000. This marks an increase from 0% to 2% for main residences, and from 5% to 7% for second homes or buy-to-let properties. As a result, buyers purchasing a property worth £250,000 or more will pay an additional £2,500 compared to before the changes.
For first-time buyers, the impact is even greater. SDLT has risen by 5% on property values between £300,000 and £425,000, up from the previous rate of 0%. A first-time buyer purchasing a property worth £425,000 or more can now expect to pay £6,250 more in stamp duty.
These changes risk making it even harder for many young first-time buyers to get onto the property ladder, particularly in London and surrounding areas.
With the new stamp duty rules now in effect, navigating the conveyancing process efficiently and affordably is more important than ever. Click the button at the top right of your screen for an instant conveyancing quote, or call our office today and one of our conveyancing team will be happy to assist you.