Frances Aitchison-Boundy of Ringrose Law writes about working with homebuyers every day, guiding them through the legal aspects of property transactions
As a conveyancer at Ringrose Law, I work with homebuyers every day, guiding them through the legal aspects of property transactions, writes Frances Aitchison-Boundy of Ringrose Law.
One of the most common questions we receive is about Stamp Duty Land Tax (SDLT)—and with changes coming into effect from April 1 2025, it’s more important than ever to understand what this means for you.
What’s changing?
Currently, buyers in England and Northern Ireland benefit from a higher SDLT threshold, which was introduced as part of the government’s response to the cost-of-living crisis.
However, from April 2025, these temporary reductions will end, meaning many buyers will have to pay more in stamp duty.
1. Reduction of the Nil-Rate Band
- Right now, you don’t pay SDLT on properties up to £250,000.
- From 1st April 2025, this will be halved to £125,000.
- SDLT will then be charged at 2% on the portion between £125,001 and £250,000.
Example: If you buy a home for £275,000:
- Before April 2025 → £1,250 SDLT
- From April 2025 → £3,750 SDLT
2. Changes for First-Time Buyers
First-time buyers currently benefit from a higher nil-rate threshold, but this will also reduce:
- The nil-rate threshold will drop from £425,000 to £300,000.
- The maximum property value eligible for first-time buyer relief will decrease from
£625,000 to £500,000.
Example: If you’re a first-time buyer purchasing a property for £450,000:
- Before April 2025 → SDLT £1,250
- From April 2025 → SDLT £7,500
What Does This Mean for You?
If you’re thinking of buying in or early 2025, acting sooner could save you thousands.
Property transactions take time, and delays—such as mortgage approvals and local authority searches—could mean missing the deadline.
If you’re a first-time buyer, be mindful of the reduced relief. If you were considering purchasing a property between £500,000–£625,000, you may need to rethink your budget.
If you’re selling, be aware that buyer affordability may be impacted. Buyers will factor in these higher costs when making offers, which could influence market demand.
How Ringrose Law Can Help
At Ringrose Law, we guide buyers through every stage of the conveyancing process, ensuring they understand the financial implications of their purchase. Whether you’re looking to buy before the SDLT changes take effect or need advice on your options, our team is here to help.
Thinking about buying a property? If you need help or guidance please contact me, Frances, Head of the Residential Conveyancing Team in Newark & Nottingham. Contact us on 01636 594460 or visit us on Castlegate to discuss your conveyancing needs and ensure you’re making the best financial decision before April 2025.
