In this blog, we'll break down the key Stamp Duty Land Tax (SDLT) adjustments for 2024-2025, exploring what they mean for different buyers and property transactions. Whether you’re planning a move, investing in rental properties, or curious about your future options, understanding these updates will help you navigate the property market more strategically in the coming year.
I will only own one Property but I am not a first time buyer, what Stamp Duty will I pay?
The rates for SDLT are set to change on 1st April 2025, as it currently stands. It is important to know what the changes are as these will affect your house buying budgets.
You pay SDLT at these rates if, after buying the property, it is the only residential property you own.
Rates up to 31 March 2025
Property or lease premium or transfer value SDLT rate
Up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
Rates from 1 April 2025
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
I am a first time buyer, what Stamp Duty will I pay?
Up to 31 March 2025
As a first time buyer you will pay:
• no SDLT up to £425,000
• 5% SDLT on the portion from £425,001 to £625,000
If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.
From 1 April 2025
As a first time buyer you will pay:
• no SDLT up to £300,000
• 5% SDLT on the portion from £300,001 to £500,000
If the price is over £500,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.
I am buying a second home to rent or as an investment, what Stamp Duty will I pay?
From 31st October 2024 you’ll have to pay 5% on top of SDLT rates if buying a new residential property means you’ll own more than one property.
Remember, staying informed is key! Keep an eye on these developments and how they may impact your plans. For further information we strongly recommend visiting the Gov website to keep up to date with any changes that may affect your house buying budget. We hope this blog has provided you with valuable insights and a clearer picture of the current landscape.
Happy house hunting, and may your next property adventure be a fantastic one!
