Stamp duty changes next year

Stamp duty changes post budget – time is ticking for buyers to avoid paying increased stamp duty tax on purchases.

Apart from the increase in the most recent budget to SDLT on second home/investment purchases (3% to 5% on top of standard rates effective immediately), the stamp duty holiday will end on 31st March 2025. In order to qualify for the stamp duty holiday, you need to have completed on your purchase by the deadline.

Although it seems like a long way away as I write this in mid November,  the average timescale for conveyancing nationally is approx 3-4 months at present so any sales will need to be started soon to complete in time to avoid the extra stamp duty tax. Additionally, the way the calendar falls for Christmas this year will probably result in little work being done by solicitors between 18th Dec up to possibly 6th Jan.

Although supply levels of available properties are generally low at this time of year, this is already creating additional activity in the market and will also boost buyer demand in the early New Year as new properties start to appear. It may be worth prioritising no chain buyers and/or empty properties to purchase to ensure you hit the required timescale for the financial saving.

Please see below for comparison rates pre and post 31st March 2025.