Simon Wall, Chartered Surveyor at Stephanie Macnab Estate Agents, highlights key upcoming changes to Stamp Duty Land Tax (SDLT) that will affect property buyers from 1st April 2025.
What’s Changing?
The nil-rate band—the portion of a property’s value on which no tax is paid—will drop from £250,000 to £125,000. This means that buyers will start paying SDLT on property values above £125,000, resulting in higher costs for many transactions.
New Standard SDLT Rates (From April 2025):
• 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 anything over £1.5 million
First-Time Buyers
First-time buyers will still benefit from relief, but thresholds will change:
• 0% SDLT up to £300,000 (currently £425,000)
• Reduced relief available on purchases up to £500,000.
• No relief for purchases over £500,000.
Additional Property Buyers
For second homes and buy-to-let investments, the 3% surcharge will continue to apply on top of the new standard rates.
Simon’s Insight
“While these changes will mean increased costs for many buyers, Formby’s market often shows resilience to national trends. The area remains highly desirable, and we expect demand for quality properties to stay strong. Buyers considering a purchase may want to complete before April 2025 to benefit from the current, more generous thresholds.”
Considering a Move?
If you’re thinking about buying, selling, or investing, now is the time to start planning! Contact us at Stephanie Macnab Estate Agents for expert advice tailored to your situation.