Update: Stamp Duty is changing in April 2025

With the current Stamp Duty Land Tax (SDLT) reverting back to its original figures on the 1st of April, now is the time to reserve your new Russell Home.

Back in September 2022, the Government temporarily cut SDLT to provide relief to those making the biggest purchase of their lives. Although the current rates are still at an all time low, those in the market to purchase a new home should be aware that the rates are returning as of, the 1st of April 2025.

Homebuyers will need to act now to still receive the temporary relief rates, as purchasers must have completed on their new home on or before the 31st of March 2025, to be exempt from these higher rates.

For home movers, the SDLT will be implemented as per the below:

The temporary relief rates saw the threshold for the nil-rate band double to £250,000 but after the end of March, this figure will go back down to the original £125,000, to secure a 0% SDLT rate. As of the 1st of April, home movers looking to purchase a home up to £250,000 will now have to pay 2% Stamp Duty on their dwelling, reverting back to the original figures.

This is much the same for First-Time Buyers (FTB), as all figures will be reverting back to the original pre-relief figures. The current threshold for a FTB to benefit from nil-rate Stamp Duty is up to £425,000, but this will go back down to £300,000. In addition, as of the 1st of April, if the property exceeds £500,000, First-Time Buyers Relief will not be applicable, decreasing from the current £625,000 threshold.

Sales Manager, Jackie Matheson, said: “The temporary relief in Stamp Duty was introduced to increase the housing market and have a positive effect on all buyers. Many potential purchasers won’t be aware of the rates reverting back, to previous figures, as of the 1^st of April this year and it’s vital our purchasers are aware of the increases they could be facing. Some homebuyers could save up to £4,999 by acting now and could be in their new home in just four weeks if they are ready to move!”

When looking to purchase a new Russell Home, it’s important to be informed of the changes that will occur if you purchase after the 1st of April. Take a look at the new SDLT rates at our development Brook View in Wincham.

SDLT changes for home movers as follows:

Purchase Price	Current	New (As of 1st April)
£265,995	£799	£3,299
£269,995	£999	£3,499
£299,995	£2,499	£4,999
£309,995	£2,999	£5,499
£329,995	£3,999	£6,499
£349,995	£4,999	£7,499
£399,995	£7,499	£9,999

SDLT changes for FTB as follows:

Purchase Price	Current	New (As of 1st April)
Up to £299,995	£0	£0
£309,995	£0	£499
£329,995	£0	£1,119
£349,995	£0	£2,499
£399,995	£0	£4,999

For more information on SDLT or the SDLT of a specific property at Brook View, please call us on 01606 516511 or email us at sales@russellhomes.co.uk

*All figures included are taken from the Government website and can be found here.