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A first-time buyer purchasing a property up to the value of £425,000 currently pays no stamp duty, but rates will return to their previous thresholds from 1 April 2025, assuming no further changes are announced in the autumn budget.
Zoopla believes first-time buyers have about one month to find a home and have their offer accepted before it will likely be too late to avoid the SDLT changes.
This is because the average property sale is taking 25 weeks from listing through to completion, according to the property portal.
What to Expect From the Upcoming Autumn Budget?
Sir Keir Starmer has laid the groundwork for an increase in taxes after warning the Autumn Budget on 30 October will be ‘painful’.
With winter fuel payments already cut there are rumours that capital gains tax faces a raid. Particularly profits made by property investors on the sale of second homes and buy-to-lets.
Many homeowners are also bracing themselves for an increase in the overall rate of inheritance tax, or a curb on the current relief available on certain inherited assets. At the moment inheritance tax is charged at 40 per cent on the part of an estate above the individual nil rate band threshold of £325,000.
Lenders Continue to Offer Reduced Rates
Mortgage rates have been falling steadily over the past few months and many analysts believe that rate cuts likely won’t be reversed even if the Bank of England opts not to cut interest rates on Thursday.
How We Can Help
If you’re thinking about buying a house or remortgaging, now’s a great time to see what you can borrow. Our team is here to help you understand your options and find the best deal.
Get in touch now on 0208 364 3444 alternatively click here to schedule a free consultation call.