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Writer's pictureNick Coupe
Oct 12, 20242 min read

Stamp Duty Changes: The Deadline is Approaching for Home Buyers in Retford.

stamp duty changes, property, mortgage, first time buyer, mortgage adviser, mortgage broker, budget, retford, newark, lincoln, doncaster, nottingham, rotherham, mansfield

Understanding the Upcoming Changes

As we approach the end of 2024, a significant change is looming on the horizon for home buyers in Retford and across the UK. The government has announced that the current stamp duty thresholds will change from from April 1st, 2025. This means that the relief available for first-time buyers and home movers will be reduced, meaning you will pay more tax!


What Does This Mean for You?

If you're planning to purchase a property in Retford or the surrounding areas, it's essential to be aware of these upcoming changes. Here's a breakdown of the current and future stamp duty rates:


  • Current Stamp Duty Rates (until March 31st, 2025):

    • First-time buyers: No stamp duty on purchases up to £425,000.

    • Home movers: No stamp duty on the first £250,000 of a property purchase.


  • Future Stamp Duty Rates (from April 1st, 2025):

    • First-time buyers: No stamp duty on purchases up to £300,000.

    • Home movers: No stamp duty on the first £125,000 of a property purchase.


The Financial Impact

To illustrate the difference these changes will make, let's consider two examples:

  • First-time buyer purchasing a £425,000 property:

    • Before April 1st, 2025: No stamp duty payable.

    • After April 1st, 2025: Stamp duty of £6,250.


  • Home mover purchasing a £425,000 property:

    • Before April 1st, 2025: Stamp duty of £8,750.

    • After April 1st, 2025: Stamp duty of £11,250.


As you can see, these additional costs can significantly impact your overall budget.


Is There More to Come?

Given the uncertainty surrounding the UK economy and the upcoming budget, it's possible that the government may announce further changes to stamp duty. If you are thinking of buying a property, you make significant savings by purchasing before the 1st April 2025.


Planning Ahead

If you're considering buying a property in Retford, it's crucial to factor these potential changes into your plans. By working with our qualified mortgage adviser, you can:

  • Assess your affordability: Determine how much you can comfortably afford to borrow based on your income and expenses.

  • Explore different mortgage options: Consider various mortgage products to find the one that best suits your needs and financial situation.

  • Plan your purchase: Time your purchase strategically to potentially avoid or minimise the impact of stamp duty changes.


Need Advice?

At Swift Financial, we're committed to helping you navigate the complexities of the housing market. Our experienced team can provide personalised guidance and support to ensure you make informed decisions about your mortgage and property purchase.


Contact us today to schedule a consultation.

Tel: 01777 704 368


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