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Consumer Discretionary
A recent survey by Twenty7tec has revealed that nearly nine in ten homebuyers will be affected by the upcoming changes to Stamp Duty Land Tax (SDLT) in England and Northern Ireland. These changes, set to take effect on April 1, 2025, include significant adjustments to the SDLT thresholds and rates, potentially increasing upfront costs for a vast majority of buyers.
SDLT is a tax levied on the purchase of residential property or land in the UK. It is calculated based on the property's purchase price or market value, whichever is higher, and is divided into bands with different tax rates. Until now, homebuyers have enjoyed a relatively higher nil-rate threshold, but this is about to change.
As of March 2025, the nil-rate threshold is £250,000 for general homebuyers and £425,000 for first-time buyers. However, from April 1, 2025, these thresholds will drop significantly:
The changes will introduce a new 2% rate for property values between £125,001 and £250,000, while maintaining a 5% rate for values between £250,001 and £925,000 [2][3].
The reduction of the nil-rate threshold from £250,000 to £125,000 means that nearly all homebuyers will incur SDLT costs. For properties priced between £125,001 and £250,000, buyers will pay a 2% tax, whereas those over £250,000 will continue to pay a 5% rate on the amount above that threshold.
First-time buyers will also see a reduction in their nil-rate threshold from £425,000 to £300,000. Properties priced between £300,001 and £425,000 will attract a 5% SDLT rate, affecting 19.53% of first-time buyers, according to Twenty7tec's findings [5]. Those purchasing properties over £500,000 will no longer benefit from the reduced rates and will pay the standard SDLT rates applicable to all buyers.
These changes are expected to increase upfront costs for buyers, which could lead to reduced affordability and potentially slow down the housing market. With over 90% of recent mortgage searches relating to properties above the new £125,000 threshold, millions of would-be buyers will face increased costs, including a third who previously did not pay SDLT for properties between £125,000 and £250,000 [5].
The increased costs will disproportionately affect first-time buyers, who already face challenges in saving for a deposit. The imposition of a 5% SDLT rate on properties priced between £300,001 and £425,000 could delay their entry into the market.
Buyers considering purchasing a property are advised to act quickly to avoid the increased costs. Given that the average property purchase takes 12 to 16 weeks to complete, there is still time to negotiate and complete a purchase before April 1, 2025 [4].
Despite the immediate financial impact, property remains a valuable long-term investment. Savills Research predicts significant price growth in the UK housing market over the next five years, potentially offsetting the increased upfront costs [4].
As the property market braces for these changes, it is essential for buyers to understand how they will be affected and to consider their financial strategies accordingly. Whether you are a first-time buyer or a seasoned investor, staying informed about these changes will be crucial to navigating the evolving landscape of property purchases in the UK.
