Stamp duty tax to remain the same until 2025

Good news for buyers as the current SDLT rates will remain until 2025

Buyers looking to purchase this year will be pleased to note that the law giving temporary relief on stamp duty, which was introduced in the August mini-budget on 23rd September 2022, has passed through the House of Lords and is ready for Royal Assent.

The law increases the nil rate threshold of stamp duty land tax for all purchases from £125,000 to £250,000 and it increases the nil rate threshold paid by first-time buyers to £425,000. The bill also raises the maximum purchase value for first-time buyers’ relief from £500,000 to £625,000.

What does this mean for buyers?

The reduction in stamp duty, brought in during the Autumn of last year under Liz Truss’s short premiership, will help buyers increase their deposit and encourage mobility in the property market. All three measures will stay in place until March 31 2025.

How can Osbornes help?

Our conveyancing solicitors have wide-ranging experience in residential conveyancing including buying and selling freehold, leasehold and new build properties. We advise on shared ownership and buy-to-let properties as well as remortgages and property auctions.

You can find out more about the conveyancing process here.

The conveyancing team at Osbornes Law are accredited by the Law Society and has the Conveyancing Quality Scheme (CQS) kitemark.

This scheme is awarded to firms who have demonstrated that they deliver quality residential conveyancing advice, use standardised processes to recognise and reduce risks throughout a property transaction and educate clients about what to expect when paying for conveyancing advice.

If you would like a quote or have any questions please fill out the form below. Simon Nosworthy, head of residential property at Osbornes Law will be happy to help.