If you've been thinking about buying a home, there's a date you should keep in mind: 31^st March 2025.

That's when the Stamp Duty increase in the UK is set to take effect. This change could make buying a property more expensive, which is why it's crucial to start your new home journey sooner rather than later.

What is Stamp Duty and what's changing?

Stamp Duty Land Tax (SDLT) is the tax you pay when purchasing a property in England or Northern Ireland. Currently, the amount of Stamp Duty you owe depends on the price of the property and whether you're a first-time buyer, a landlord, or a second-home purchaser.

As part of the Autumn budget, the government announced that from 31st March 2025 there will be an increase in Stamp Duty rates across multiple brackets. While the exact details may be updated nearer the date, the majority of buyers will end up paying more tax on their new property from April next year.

If you're a first time buyer, you currently don't have to pay stamp duty unless your new home is more than £425,000. From 1^st April 2025, this will change to £300,000.

This means if you were buying a £425,000 property, from 1^st April you would pay £6,250 compared to £0 today.

If you were buying a £300,000 property, from 1^st April you will pay £1,250 compared to £0 today.

While March 2025 might seem far away, right now the average property purchase in the UK can take anywhere from 4 to 6 months from start to finish. This means that if you wait, you risk running into higher costs. By acting early, you can lock in current rates and potentially save thousands of pounds.

Ready to make your move? Take the first step today and save yourself stress - and money with Foreman Homes.

We have homes ready and waiting for you to move in, find yours on our website today.