The Horror of Stamp Duty
With the crashing inevitability of a damp Monday morning in January, the current government’s joy-filled policy of hiking the Stamp Duty Land Tax (SDLT) is imminent.
Brace yourselves…
Stamp Duty Land Tax (SDLT) rates in England and Northern Ireland are set to change on April 1, 2025; a date which is more than a little ironic, being April Fool’s Day.
But this is no joke…
The temporary thresholds introduced in September 2022 will revert to previous levels, potentially increasing the tax liability for property buyers.
The current rates (until March 31, 2025) are:
Standard Residential Purchases:
0% on the first £250,000
5% on the portion from £250,001 to £925,000
10% from £925,001 to £1.5 million
12% on the amount above £1.5 million
First-Time Buyers:
0% up to £425,000
5% on the portion from £425,001 to £625,000
No relief for properties over £625,000
And as of April 1, 2025 revised rates are:
Standard Residential Purchases:
0% on the first £125,000
2% on the portion from £125,001 to £250,000
5% from £250,001 to £925,000
10% from £925,001 to £1.5 million
12% on the amount above £1.5 million
First-Time Buyers:
0% up to £300,000
5% on the portion from £300,001 to £500,000
No relief for properties over £500,000
These changes mean that, for example, a first-time buyer purchasing a £500,000 property will see their SDLT increase from £3,750 to £10,000 after March 31, 2025.
Ouch…
To avoid higher SDLT charges, many have been desperately trying to bag & seal deals on property transactions before the end of March 2025.
But that time is past.
So now what do you do… to bring a ray of sunshine into your property search?
Well, you can’t shift the immovable object that is tax… so the obvious one is to hire Flint Homes…
Because we know what properties are selling for & should be priced at & will negotiate so hard for you & save you thousands on your purchase price, off-setting the SDLT hike.
Because we have amazing contacts for mortgage advisors who will get you the best possible deal on your lending, saving you thousands, mitigating the SDLT hike.
Because we know an army of contractors & useful local people – from lawyers, to removal firms & painters & decorators to gardeners & kitchen fitters, who will do your property project work for you brilliantly, at great rates, softening the blow of the government’s tax grab.
You know it makes sense… so why not contact us today to start a conversation about your Norfolk house hunt?
