NEW HOMES
STAMP DUTY IS NO LAUGHING MATTER: BUY NEW WITH WESTON HOMES BEFORE THE RULES CHANGE
WHAT IS STAMP DUTY? Stamp Duty Land Tax is the tax paid when buying a property in England and Northern Ireland. Currently first time buyers receive a generous discount, with a 5% tax only payable on the proportion of the property costing more than £425,001 (provided the property costs less than £625,000). This contrasts with those moving up the ladder, who pay 5% on the proportion of the property’s price between £250,001-£925,000 and higher tax rates above this. As a result, Zoopla estimates that up to 80% of first time buyers currently don’t pay any Stamp Duty tax at all, while 14% only pay part of the tax. FROM APRIL IT’S GOING TO COST MORE From 1 April onwards, nine out of 10 homes will incur Stamp Duty according to Leeds Building Society. First time buyers will be the hardest hit, as both the price of eligible From April Fools’ Day 2025, the Government will change the Stamp Duty Land Tax (SDLT) rates. This could significantly increase the cost of buying a new home, especially for first time buyers, who will face up to £11,250 more in tax. If you want to get on the ladder, don’t delay
houses for a first time buyer’s discount will fall from £625,000 to £500,000 and the threshold at which the 5% tax kicks in will fall from £425,000 to £300,001. This will have a meaningful impact on the cost of buying a first home. For example, a £350,000 property will go from generating no Stamp Duty tax, to creating a £2,500 tax bill, while a £500,000 property will see its Stamp Duty rise from £3,750 to £10,000! And should a first time buyer be lucky enough to scrape together more than £500,000 for their first home, they will no longer benefit from the relief at all. This means that on a currently eligible £625,000 home the Stamp Duty will soar from £10,000 to £21,250. HOMES READY TO MOVE INTO, CHAIN-FREE! Rightmove reports that on average, it can take 150 days (21.5 weeks) from offer to completion when buying a home. Be quicker than average! Weston Homes has a fantastic range of apartments across London and the South East ready to
move into and chain-free! In convenient locations and within 15 minutes of a train or tube station, every home has a fully inclusive luxurious specification so you can start enjoying your new lifestyle from the moment you move in. BUY NEW BUILD AND ENJOY THE BENEFITS Buying a chain-free new Weston Homes property can save time and money. There are often sales discounts and other money saving promotions. And if you buy off- plan, you can choose from Weston Homes’ extensive range of interior options – type of kitchen, palette colours, carpet and floor shades, tiles and handles. Weston Homes is an award-winning developer building new and converted one to five bedroom luxurious homes across London and the South East from £176,000. For more information contact Weston Homes on 01279 873 300, or visit weston-homes.com. Marketing suites and show homes are open daily from 10am to 5pm
38 First Time Buyer February/March 2025
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