By Rob Thomas, Joint CEO at PLS Solicitors.
As we inch closer to 31 March 2025, there’s one thing on every homebuyer’s (and conveyancer’s) mind, Stamp Duty Land Tax (SDLT). If you’ve been keeping an eye on the property market, you’ll know that the temporary stamp duty reductions introduced in September 2022 are coming to an end. That means from 1 April 2025, we’re back to the old thresholds.
Before we dive into the details, it’s important to note that if your property purchase isn’t completed by 31 March 2025, you’ll be subject to the higher stamp duty rates. Unfortunately, there are no exceptions, extensions, or grace periods for this deadline. It’s a firm date, and the taxman isn’t one to bend the rules.
What’s Changing?
Until 31 March 2025, you can still take advantage of the temporary SDLT reliefs:
Standard rates:
- Up to £250,000 – No stamp duty
- £250,001 – £925,000 – 5%
- £925,001 – £1.5 million – 10%
- Over £1.5 million – 12%
First-time buyers:
- Up to £425,000 – No stamp duty
- £425,001 – £625,000 – 5%
But from 1 April 2025, the thresholds go back to their old levels:
Standard rates:
- Up to £125,000 – No stamp duty
- £125,001 – £250,000 – 2%
- £250,001 – £925,000 – 5%
- £925,001 – £1.5 million – 10%
- Over £1.5 million – 12%
First-time buyers:
- Up to £300,000 – No stamp duty
- £300,001 – £500,000 – 5%
And if you’re buying an additional property, remember the extra 3% surcharge still applies.
What Do The Stamp Duty Updates Mean for You?
If you’re buying a property right now, you might be wondering: ‘Can I complete before the deadline and save some cash?’
The short answer? Maybe, but don’t bank on it.
As conveyancers, we’re always working hard to get transactions through as smoothly and swiftly as possible, and we know how important this deadline is for many of our clients. We’ll be doing everything we can to keep things moving, but with demand increasing, legal processes to follow, and third parties like lenders and local authorities involved, things can take time.
We believe in being open and honest, while we’ll give it our best shot, we can’t guarantee completion before 31 March 2025. What we can guarantee, though, is that we’ll keep you informed every step of the way, making sure you understand where things stand and what your options are.
What Should You Do Now?
✔ If you’re still house hunting: Factor in the post-March 2025 SDLT rates into your budget. It’s better to prepare for the higher rates than get caught off guard.
✔ If you’re in the middle of a transaction: Speak with your conveyancer about your realistic completion timeline.
✔ If you’re selling: Buyers will be extra keen to complete before the deadline, so being organised (paperwork, finances, mortgage approvals) will help keep things moving. You could also look into our new Sale Ready product, which gets your property sale-ready even without a buyer. While this might not guarantee completion before the stamp duty change, it takes a lot of the stress out of the process, making things smoother when the right buyer comes along.
Final Thoughts
We know that stamp duty isn’t the most thrilling topic, but it’s a big deal for buyers and sellers alike. The best thing you can do right now? Be prepared, stay informed, and work with a conveyancer who keeps things clear and stress-free.
At PLS Solicitors, we pride ourselves on being open, honest, and dedicated to getting the job done. If you’re buying or selling, get in touch for a quote, we’ll outline the costs, potential timelines, and everything you need to know so you can move forward with confidence.
