With the recent announcement that the stamp duty cut will end in early 2025, now is a great time to start planning your move
With the recent Government announcement that the stamp duty cut will end in early 2025, if you’re thinking about buying a new build home, now is a great time to start planning your move so you can take advantage of the potential savings. Matthew Gould, Sales Director, says:
“We’re finding that people who are at a stage in their life where they need to or want to move, want to take advantage of the incentive. For first-time buyers in particular the recent changes offer some great savings as there is currently no stamp duty to pay on homes priced under £425,000. “We expect enquiries to rise, now that the Chancellor has announced an end point of March 2025 for this initiative. Two years isn’t a long time in the property market and we would advise people to plan ahead to take advantage of the savings, particularly if you are considering a new-build property that is currently under construction.”
Missing out on the stamp duty cuts could potentially cost thousands of pounds, with savings for first-time buyers of up to £6,250 if your purchase completes under the current rules. And it’s not just new homeowners who could save money, as there is currently no stamp duty to pay for any buyers purchasing a property up to £250,000 - compared with the previous threshold of £125,000 - meaning you could save up to £2,500. The news follows a recent survey we conducted to find out whether the cuts would encourage people to consider moving or not. 30% of first-time buyers – either those who currently live in private rented accommodation, social housing, and/or with friends or family who plan to buy their first home in the next 12 months – said the cut to stamp duty would encourage them to buy. Downsizers – those who live in a home they own outright or with a mortgage who are looking to buy a smaller home – are more likely than first-time buyers to consider moving due to the changes to stamp duty, with 45% saying they welcomed the cut. People who are looking for the next step up the property ladder – those who live in a home they own outright or with a mortgage who are looking for a bigger home – are most encouraged by the news with 50% saying the cut would prompt them to consider moving. Whether you’re a first time buyer or looking for your next home, our expert team is here to guide you and make sure the process is as smooth as possible. If you are considering moving, or if you would like to find out more about what the stamp duty savings could mean for you, take a look at our guide, available here:
www.anwylhomes.co.uk/stamp-duty/
