A leading property solicitor says buyers need to move quickly if they want to save money and avoid being hit by imminent changes to Stamp Duty.
FBC Manby Bowdler senior associate Laurie Carruthers says changes announced in the Budget mean house buyers – including first-time buyers – have a five-month window in which to snap up their new home without paying extra levels of Stamp Duty.
Laurie, who heads up the law firm’s Shropshire residential property team, says the government is scrapping temporary changes to the Stamp Duty Land Tax (SDLT) from March 31 2025, which will make it more expensive to buy most homes.
“The Chancellor announced in the Budget that temporary increases to SDLT thresholds, originally introduced during the pandemic, would end on March 31 next year.
“That means that the standard threshold will revert back to its pre-pandemic level of £125,000 and relief for first-time buyers will reduce to £300,000.
“That’s a big drop from the current thresholds of £250,000 for a standard transaction and £425,000 for first-time buyers on properties up to £425,000 and offers a real incentive for people thinking about buying to do so before the end of March 2025.
“The Chancellor has effectively set a five-month deadline for buyers to save money in an attempt to stimulate the housing market.
“If you are thinking of buying a new home, or already in the process of purchasing, the changes provide an added reason to move quickly so that you can take advantage of the existing rates before they expire on March 31.
“But we’d also urge people to make sure that they don’t forego the best legal advice in their haste to get a deal over the line as quickly as possible. The cost of a minor error in conveyancing could far outweigh any saving made by beating the Stamp Duty deadline.”
FBC Manby Bowdler – which has bases across the West Midlands and Shropshire – is one of the region’s most successful law firms.
Turnover topped £16 million in the last year and is growing at more than 10% per year and its solicitors regularly feature in national guides highlighting the best experts in their field.
