THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
FIRST-TIME BUYERS:
TWO MONTHS LEFT TO SAVE UP TO £15,000 IN STAMP DUTY
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Time is running out for first-time buyers looking to save big on their property purchase. According to new research from Zoopla, buyers have just two months left to take advantage of the current stamp duty relief before rates rise, potentially saving as much as £15,000.
From 1st April 2025, Stamp Duty Land Tax (SDLT) rates will revert to their previous levels, leading to thousands of pounds in extra costs for first-time buyers in certain areas.
BIGGEST IMPACT IN SOUTHERN ENGLAND
The upcoming changes are expected to hit buyers hardest in London, the South East, and the East of England. In some of the most expensive London boroughs, such as Camden, Islington, and Hammersmith & Fulham, buyers could see their stamp duty bills increase by up to £15,000. Currently, first-time buyers pay no stamp duty on properties up to £425,000, but this threshold will fall to £300,000 after April 2025. Furthermore, homes priced between £500,000 and £625,000 will no longer be eligible for first-time buyer relief at all.
RISING COSTS ON THE HORIZON
According to the research, the typical first-time buyer in London, the average stamp duty bill will rise to £5,600 after April 2025. Meanwhile, those in the South East and East of England will face average bills of £1,390 and £1,040, respectively. Buyers in these regions could possibly make significant savings by acting now and securing their purchase before the new rates come into effect. compensation will be offered.
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LOWER MORTGAGE RATES PROVIDE ADDED ADVANTAGE
With mortgage rates having improved slightly in recent months, first-time buyers in Southern England stand to benefit even further by purchasing before the end of the reduced Stamp Duty rates. Average monthly mortgage repayments have dropped from £1,076 to £979 for a typical first-time buyer home, meaning that buyers in London could save the equivalent of 3.5 months of mortgage payments simply by avoiding the looming stamp duty changes.
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