Today, the stamp duty changes outlined by the government in Autumn 2024 will come into effect impacting home buyers across the country. As part of this, the temporary reductions that were placed in 2022 have ended which means a higher rate for many property purchases.
Here are some of the changes that were announced;
- Standard Thresholds: The nil-rate threshold has now reverted from £250,000 to £125,000. This means any property purchased above £125,000 is now subject to SDLT.
- First-Time Buyers: The nil-rate threshold for first-time buyers has dropped from £425,000 to £300,000. Additionally, the maximum property value eligible for first-time buyer relief has decreased from £625,000 to £500,000.
- Increased Costs: If you’re buying a home worth £300,000, you’ll now pay £5,000 in stamp duty, compared to just £2,500 before today. A first-time buyer purchasing at £350,000 will now pay £2,500 in SDLT, whereas previously they would have paid nothing.
These changes mean that purchasing a home will become more expensive overnight, particularly for those buying above the new thresholds.
At Foreman Homes, we understand that these changes may create financial challenges, which is why we’re here to help. Our house buying incentives can ease the burden of increased stamp duty costs;
- Stamp Duty Paid on Selected Homes – We’ll cover the cost of stamp duty on specific properties, saving you thousands.
- Plot Price Reductions – We have special offers available on several of our plots to help make them more affordable for you.
We’re committed to making your home-buying journey as simple and cost-effective as possible. Get in touch with our team today to explore your options and take advantage of our offers.
Tax rules and incentives are subject to change. Always seek advice from a financial or legal professional to understand your personal situation.
