Prospective homebuyers are being urged to act now to secure a home before the Stamp Duty increase takes effect in under three months.
The forthcoming changes to Stamp Duty will add significant costs to property purchases; but by purchasing before the hike, first-time buyers can save thousands of pounds and use these funds to turn their first property into a real home.
For instance, on a property being sold for £425,000 a first-time buyer can save £6,250 on the current rates. For a home-mover buying a property with a purchase price of £425,000 the current Stamp Duty cost is £8,750. From 1 April 2025 the Stamp Duty cost will rise to £11,250, making a potential saving of £2,500 if the purchase is complete before that date.
A first-time buyer purchasing a one-bedroom apartment before 1 April 2025, would save £6,250 on Stamp Duty and would be able to furnish their new home. Leaders Romans Group (LRG) compared the savings to furnishing a one-bedroom apartment in Ikea. Everything from kitchen appliances to dinner sets and tableware to sofas and chairs, wardrobes, towels, blinds, and even cushions, curtains, and rugs for £5,558.75, still leaving £691.25 change.
Kevin Shaw, National Sales Managing Director of Leaders Romans Group (LRG) Leaders Romans comments: “The savings buyers can make by acting now are significant. To think a first-time buyer who will be starting from scratch can completely kit out their first home, if they act quickly, is a fantastic opportunity. Buyers can avoid higher costs and start their homeownership journey with extra funds to create a space they love. But the window of opportunity is closing fast and purchasers must act now to avoid the increased costs.”
LRG’s has estate agency branches with suitable properties for sale across the UK. These include Acorn, Gibbs Gillespie, Hose Rhodes Dickson, John Payne, Langford Russell, Leaders, Moginie James, Northfields, Portico, Romans and Scott Fraser. LRG’s mortgage advisor, Mortgage Scout, can assist in securing a mortgage quickly.
Buyers will need to complete their purchase before the 31 March 2025 deadline when the Stamp Duty increases come in.