Purchasers at Lea can beat the hike in Stamp Duty costs if quick, says Bloor Homes
Bloor Homes is warning that the end of January 2025 is the latest point at which homeowners wishing to avoid additional Stamp Duty Land Tax hikes in the Spring should realistically make their move to a brand-new home at Kingfisher Place in Lea.
From April 1, 2025, the ‘nil rate’ for existing homeowners halves from £250,000 to £125,000. That means people who have a home to sell will start paying tax on any amount over £125,000. The total amount they will pay depends on the value of the new property they are purchasing –
- the first £125,000 is tax free
- between £125,001 and £250,000 are charged at 2%
- between £250,001 and £925,000 are charged at 5%
- between £925,001 and £1.5 million are charged at 10%
- amounts over 1.5 million are charged at 12%
Lucy McCabe, Sales Director at Bloor Homes’ North West region explains: “There has been a lot of information for first time buyers around the change in the Stamp Duty threshold, but they are not the only ones being affected by the changes coming in next Spring, in fact everyone moving home after April 1st will be affected by the change to the nil rate, whether they are first time buyers or selling a home to move.
“Of course this also means the window for saving money by paying less in Stamp Duty is even tighter for people who have a home to sell, but there is good news: firstly, with a brand new home there is no forward chain which can speed up the process, and secondly, on selected plots we have incentives such as part exchange - which would mean no chain at all - or Assisted Move, which helps people market their home.
"We also have financial support incentives such as Deposit Boost which add additional savings designed to help people make their move without delay.”
Using the government’s Stamp Duty Tax Calculator, Bloor Homes illustrates the savings with the following example at Kingfisher Place, based on UK residents who are selling their only existing home to move to a new home which will be their only privately owned residence:
- Stamp Duty on a four-bedroom 2.5 storey detached ‘Morris’ house style with separate garage, private driveway with parking for two cars costing £349,995 would currently cost purchasers £4,999 in Stamp Duty. After 1st April 2025, this rises to £7,499.
Lucy adds: “Anyone wishing to move home and benefit from paying less Stamp Duty can visit our friendly sales team at Kingfisher Place to discuss their options and make informed decisions about how they could beat the clock and move to a brand new, energy efficient home with no forward chain in Lea before the deadline.”
For more information or to book an appointment visit the website.