Barbers are advising all First Time Buyers to be aware of the forthcoming changes to Stamp Duty Land Tax in 2025 - buying a property now will help towards saving a signifcant amount of money towards your first home.
Stamp Duty rates are changing from 1st April 2025, when the temporary increases to the thresholds, that were put in place in September 2022, are due to come to an end. Whilst this change will impact everyone planning to move, it's first-time buyers who will be the most affected.
Currently first-time buyers pay no stamp duty when buying a home worth £425,000. This threshold will drop to £300,000, meaning they will go from paying nothing to paying up to £6,250 on stamp duty.
In the article below we’ll explain these changes in more detail, how this could affect your move, and work out how much it could cost you, by using the Government Stamp Duty calculator:
Stamp Duty Land Tax: Residential property rates - GOV.UK
Stamp duty, is a government tax which is paid by the buyer of a property, as a lump sum upon completion. It is paid by buyers who are purchasing a property or land over a certain price bracket.
The amount of SDLT liability depends on several factors, including (but not limited to) whether a buyer is:
- A UK resident
- Purchasing a property as an individual or company
- A first-time buyer
- Replacing a main residence
- Purchasing additional property
These stamp duty changes are likely to have the most impact on first-time buyers. By reducing the nil rate threshold by £125,000 and reducing the maximum purchase price for which first-time buyers’ relief can be claimed by the same amount, it could make it even harder for some first-time buyers to get onto the property ladder.
From 1st April 2025, first-time buyers won’t pay stamp duty on properties up to only £300,000, and they’ll only get first-time buyers’ relief on properties up to £500,000 (5% on properties £300,000 to £500,000).
Whereas, currently, if you’re a first-time buyer you don’t pay any tax on properties up to £425,000, and if the cost of the property you’re buying is up to £625,000 you’re also eligible for discounted rates (5% on properties from £425,001 to £625,000).
We recommend that all First Time Buyers contact thier local office soon to discuss this further and to look at the properties currently available and also ensure you speak to one of our recommended Mortgage Brokers for advice on the cost of this increased tax if you complete a purchase after April 1st 2025.
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Barbers of Market Drayton are a great team of proactive professionals. Selling and buying properties can be extremely stressful in the wrong hands but the team at Market Drayton really do go out...
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I ask you to pass on my very grateful thanks to you all for making it look easy to sell a home and then buy another. That takes a bit of skill. And all done with cheerfulness and...
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Could we also just add that your accompanied viewer (Suzanne) Is marvellous. This is the second time we have viewed with her and she's a credit to Barbers Estate Agent. She's very welcoming and...
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Barbers have provided an excellent service, they have been very efficient. I was more than happy with the way my property was marketed, they gave useful advice and all comments from viewers were...
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Excellent service from Barbers - both a purchaser and a seller. Very clear communication; all staff are friendly, helpful, have a good sense of humour and willing to give 100%. I wouldn’t...
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I found Barbers, pleasant efficient helpful and proactive. All staff were excellent all aspects of the service was explained to me and showed staff showed empathy as it was a stressful time for...
Pleasant, efficient, helpful and proactive.
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Barbers restored my faith in estate agents. T hey arranged all the viewings, rang with feedback & recommended tradesmen when needed. When I needed advice not always related to...
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Excellent Service!! A* Team. Very friendly and dedicated to their jobs. Julie Armstrong went above and beyond and deserves a medal. Brilliant at what they do and I absolutely love my new...
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Barbers delivers fantastic service through a team that is knowledgeable, friendly, and customer-focused. Having both sold through them and bought my onward property through them, I could...
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Thank you all so much for overseeing the sale of our house and also helping me find a new, temporary place to live! Your efficiency, friendliness, professionalism, reassurance and kindness has...
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This was the best decision I ever made. Jess was amazing and patient with me. Everything was clear and pain free. I would use this service again - highly recommended. Miss Cox – Vendor...
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The Barbers team at the Wellington branch are polite and friendly. They kept me informed and responded to queries quickly and coherently. Their behaviour was exemplary and I felt reflected the...
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Thank you for all your help and patience. You have made the moving process a lot less stressful for us. Ms H, Shrewsbury
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The agent did accompanied viewings as the property was empty and being disposed of by relatives after probate. They liaised and negotiated well with me and the vendor, and provided support and...
The agent did accompanied viewings as the property was empty
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No hassle, Barbers were fantastic. Will use again should I ever move. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
No hassle, Barbers were fantastic
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The service was very good. We would recommend them to others. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
The service was very good.
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Initial contact professional and fully understanding of our needs. Always available and acquainted with the ever changing services. Good team effort from all those involved in the transaction....
Initial contact professional and fully understanding of our needs
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Information was accurate. Guarantees about seller leaving property by a deadline I was working to were met. Trouble free purchase. Listed in The Property Ombudsman Survey for Barbers...
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Very friendly efficient staff who kept us up to date with any development. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
Very friendly efficient staff
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I am just e-mailing you to thank you for the incredibly smooth transaction of letting our new rural cottage in South Shropshire. To enable our move you have also found us an excellent tenant for...
I am just e-mailing you to thank you for the incredibly smooth transaction of letting our new rural cottage in South Shropshire. To enable our move you have also found us an excellent tenant for our own property in Wem. From the moment we saw our cottage
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Barbers were very efficient and despite the market conditions it took only 5 weeks to sell our property. We would use them in the future (if we ever move again!) Listed in The Property...
Barbers were very efficient
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Very helpful and friendly did their best to market the property and provided a lot of viewers. Always kept me in touch. Karen was very efficient approachable and charming. Listed in The...
Very helpful and friendly
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All the staff at Barbers were all fantastic in their approach to our sale. We cannot thank them enough. They went beyond our expectations and we would not hesitate in contacting them again when...
All the staff at Barbers were all fantastic
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Karen was my contact @ Barbers, Newport. So helpful, friendly & efficient. Nothing too much trouble. What as asset to a company! Listed in The Property Ombudsman Survey for Barbers...
Karen was my contact @ Barbers, Newport
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Very satisfied with Barbers service over whole sale process. Listed in The Property Ombudsman Survey for Barbers Market Drayton Branch
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We would use this company again & would be happy to recommend them to friends. Listed in The Property Ombudsman Survey for Barbers Newport Branch
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I would say that Barbers, Market Drayton were very helpful, approachable and much mofe efficient than some estate agents I’ve dealt with in the past. Listed in The Property Ombudsman...
I would say that Barbers, Market Drayton were very helpful
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To everyone at Barbers, Thank you for all your help.
