If you’re thinking about buying a property but not sure whether to start the process now or leave it until next year, acting sooner rather than later could save you thousands. From 31 March 2025, changes to Stamp Duty Land Tax (SDLT) will increase the cost of purchasing for many homebuyers.
What are the current Stamp Duty rates?
Under the current Stamp Duty scheme, buyers pay:
- 0% on properties up to £250,000
- 5% on the portion between £250,000 and £925,000
- 10% on the portion between £925,000 and £1.5 million
- 12% on anything above £1.5 million
What changes after 31 March 2025?
The rates will change, with the 0% threshold dropping from £250,000 to £125,000. A 2% charge will apply to the portion between £125,000 and £250,000, where previously there was no charge. The charges on the other price brackets (above £250,000 up to £925,000 and above £925,000 up to £1,500,000) remain unchanged.
For first-time buyers, the tax-free threshold will drop from £425,000 to £300,000 and will only apply to properties valued up to £500,000, rather than the current £625,000.
Why it’s important to act now
With Christmas approaching, it’s tempting to put house hunting on the backburner and defer the search until the New Year. However, it makes financial sense to enter the property market now to lock in the current lower Stamp Duty rates before the fees increase in March. A typical property transaction in the UK takes 12 to 16 weeks to complete, and in some cases longer due to unforeseen circumstances. If you have a home to sell, you also need to factor in the time it could take to secure a buyer and complete a sale. Waiting longer to start your homebuying journey could mean facing higher Stamp Duty costs, which may affect your overall budget.
Acting now will avoid future uncertainty as amendments are always possible. Securing a property under the current rates can protect you from potential future increases or adjustments.
Fast track your move with Orion
Buying a new-build home helps to speed up the process of buying a property. Purchasing from a housebuilder means there’s no upward chain to cause delays and Orion Homes can also accelerate the sale of your current home with our Assisted Sale scheme. We’re building a wide range of 3, 4 and 5 bedroom homes in Cawood, Featherstone and Barnsley which will be ready to move into early next year, so now is the perfect time to get in touch and set up a completion in time to avoid the extra cost of the Stamp Duty changes.
To find out more about the current range of homes at Orion’s developments, please contact or visit our sales offices, open Thursday to Sunday, 11am – 5pm. Please note that Bishops Gardens is open by appointment only on Thursdays, but you can just call in Friday – Sunday.
We would always recommend making an appointment before you come to visit our developments, just to make sure we’re available to give you all the help you need.
Purston Grange, Featherstone
Email purstongrange@orionhomes.co.uk
Tel 01924 911413
Bishop’s Gardens, Cawood
Email bishopsgardens@orionhomes.co.uk
Tel 01904 891749
Mount Vernon Place, Barnsley
Email mountvernonplace@orionhomes.co.uk
Tel 01226 890292
