There has always been a reason not to move, but now, there is a reason you’ve got to move!

The recent autumn Budget was relatively quiet on the property front but one major change was announced to stamp duty tax thresholds which will cost home movers up and down the country thousands.

This means that, if you are looking to move, your best chance to get in before stamp duty, is now!

Here’s what’s happening: From April 1 2025, the rate thresholds will change, which means home buyers— whether first-time buyers or home movers — could end up paying significantly more in taxes if they don’t complete their sale before this date.

What is stamp duty currently?: Right now, for home movers, homes worth less than £250,000 do not need to pay stamp duty, but for first-time buyers, the current threshold lies at £425,000.

Who will be affected by stamp duty? For first-time buyers, the current threshold to pay 0% stamp duty is set at £425,000. But after April 1, 2025, this zero-rate band will drop to just £300,000. This change will mean that first-time buyers purchasing a property over £300,000 will be subject to a 5% stamp duty rate.

For first-time buyers already saving for a deposit, this increased tax could be a real setback. Instead of using these funds towards your new home or renovations, they’ll end up paying more in stamp duty.

Other home movers will also be affected. Currently, if you are not a first-time buyer, you pay 0% up to £250,000, but as of April 1, this threshold is lowering.

This means that a home mover purchasing their next home for £425,000 could pay an additional £2,500 in stamp duty if they do not complete before April 1.

How can Wards potentially help me save thousands?: By working with a team that includes mortgage advisors and conveyancing professionals, you’ll have the support to complete your sale as efficiently as possible. Our mortgage advisors at Mortgage Matters Direct work with customers eight weeks faster than the national average from application to exchange*, and we work with Martin Tolhurst Solicitors, who, in 2024, helped exchange 68% of cases in 16 weeks or less**!

So, while there’s always a reason not to move, now there really is a reason you’ve got to move.

Don’t wait until it’s too late—contact us, and let’s make your move happen before April 2025!

Thinking of moving? Contact Wards for more expert advice and info

*Source: Mortgage Matters Direct, November 2024

**Source: Martin Tolhurst Solicitors, November 2024