New research from Moverly reveals that England’s homebuyers could save almost half a billion pounds by completing their purchases before the upcoming stamp duty changes which take effect from April 1st 2025.
From April 1st 2025, homebuyers will be paying a higher amount of Stamp Duty Land Tax (SDLT).
Today, with the average house price in England sitting at £308,781, buyers pay an average SDLT bill of £2,939. But from April 1st, this is set to grow to £5,439, an increase of £2,500.
Moverly’s analysis of sales volume data in England reveals that over the past 10 years, an average of 192,388 property transactions were completed between January and the end of March each year.
BEAT THE DEADLINE
Should the same number of homebuyers complete between January and the end of March this year, beating the stamp duty deadline in the process, they would benefit from an accumulated SDLT saving of almost half a billion pounds (£481m).
Gemma Young, Moverly Chief Executive, says: “There is going to be a rush of buyers trying to finalise purchases before the stamp duty deadline, which means all of the professionals and services involved with processing the transaction are going to be in huge demand and, therefore, under additional strain.
“The good news is that the vast majority of sellers will also be looking to make an onward purchase themselves, and many of them will require the funds from their sale in order to make their subsequent purchase. This means they’re going to be equally keen for a timely transaction.”
