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From 1st April 2025, significant changes to Stamp Duty Land Tax (SDLT) will come into effect, impacting property buyers across the UK. These changes mark the end of the temporary increases to the thresholds that were introduced in September 2022.
Stamp Duty, or Stamp Duty Land Tax (SDLT), is a tax levied on the purchase of residential property in England and Northern Ireland and is paid by the buyer within 14 days of completion, although it is usually settled by the conveyancer on behalf of the buyer on completion, as part of the legal process.
The amount of SDLT liability depends on several factors, including the property's price, the buyer's residency status, and their status as a buyer whether it’s a home move, they’re a first-time buyer or they’re purchasing additional property. The rates increase proportionately with the price paid for the property.
The key changes to SDLT rates from 1st April 2025 are:
- The most impact will be caused by the nil rate threshold, which is currently £250,000 but returning to the previous level of £125,000. The next ‘portion’ of £125,000 will be liable at 2%.
- For first-time buyers, the nil rate threshold will drop from £425,000 to £300,000. This means that first-time buyers will now pay 5% SDLT on the portion of the price paid between £300,000 and £500,000.
- The maximum purchase price for which First-Time Buyers Relief can be claimed will decrease from £625,000 to £500,000. For first timers buying a property above £500,000, the standard £125,000 threshold will apply.
Buyers purchasing additional properties (buy-to-let and second homes) will continue to face a 5% surcharge on top of the standard SDLT rates, and for overseas buyers, the surcharge remains at 2%.
All buyers will see an increase in SDLT costs due to the lower nil rate threshold. For instance, the SDLT liability for a property worth £348,000 will increase from £4,900 to £7,400, worked out as 0% on the first £125,000, 2% on the second £125,000 and 5% on the remaining £98,000.
It’s important to factor in the additional cost of SDLT when budgeting for a purchase. It is possible for some buyers to add it to their mortgage but the factors to consider here are the interest payments on that additional sum over the long term, and whether it affects the mortgage rate due to the increased loan-to-value ratio. Your lender will be able to advise further on this.
To discuss your home moving options or to find a property at the right price for you, get in touch – we’ll be happy to help.
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A property survey is an inspection and report that can help you to better understand the condition of a property and identify any issues it might have.
When you apply for a mortgage, your lender will carry out a valuation survey – this is purely to satisfy the lender that the property represents sufficient security for the loan. This could be desk-based or may involve a drive-by; its scope is limited, and you may not get a copy of the report.
So, it’s advisable for buyers to commission their own survey, particularly in the case of older and period homes. Our home is our biggest investment, so it’s best to be reassured that everything is ok in advance, rather than encountering a nasty surprise when it’s too late. Be sure to use a surveyor accredited by the RICS (Royal Institute of Chartered Surveyors) or the RPSA (Residential Property Surveyors Association).
There are generally three survey options.
The RICS Home Survey – Level 1 is most suited to standard, modern properties. Without going into any detail, it gives a basic overview of the property’s condition and highlights any significant issues.
In most cases, the RICS Home Survey – Level 2 (previously the Homebuyers Report) or the RPSA Home Condition Survey should be adequate. This mid-level survey is suited to most conventional properties in a reasonable condition and evaluates their overall condition and state of repair. It highlights any problems that might affect the property’s value as well as issues such as damp and subsidence, and anything that doesn’t meet current building regulations. It also includes advice on repairs and ongoing maintenance. However, the surveyor doesn’t look under floorboards, etc, so this report identifies surface-level issues only. This costs upward of around £500, depending on the property and its location.
The RICS Home Survey – Level 3 or the RPSA Building Survey, often referred to as a ‘full structural’ survey, is the most comprehensive survey and is most suited to properties over 50 years old, those unusual in design or in a poor condition. Here, the surveyor gets down and dirty in the attic, under floorboards, etc, to conduct a thorough inspection and produces an in-depth analysis of the property’s structure and condition. The Level 3 report is priced from around £700.
If you’d like to discuss this in more detail, call or WhatsApp us on 01392 204800 – we’ll be happy to help.
Join our Q&A with Oliver - if you have any property-related questions, just ask!
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Our esteemed auctioneer and sales consultant, Richard Copus (FNAVA FNAEA (Hon’d) CPEA), explains ‘unless sold prior’…
Most properties that are listed for sale by auction also state ‘unless sold prior’. Why is this and what does it mean?
Most auction listings say this for a number of reasons:
Firstly, if this is not stated and the property is sold before the auction, it could leave the auctioneer liable to having legal action taken against them by a disgruntled prospective bidder who had geared themselves up to bid on the day.
Secondly, sometimes there is not a lot of interest when a property is being marketed but there is one person particularly keen to buy it. In this case, the auctioneer might recommend to the seller that a bird in the hand is worth two in the bush and to sell prior to this person would mean a quick sale and would also prevent the stigma of an unsold property if it were to continue to the auction.
Thirdly and importantly, auction conditions still apply to a ‘sold prior’ sale, so ‘sold’ means exactly what it says. It is not ‘sale agreed’ or ‘sold subject to contract’. If someone makes an offer before the auction and the seller chooses to accept it, they must exchange contracts immediately, just as they would in the auction room. They will have read through the exchange-ready legal pack so have no reason for any delay. The buyer signs the sales memorandum just as they would do at the actual auction and pays the 10% of the purchase price likewise to secure the transaction. Completion is usually the date provided for in the contract unless changed by mutual agreement.
Properties that are sold by auction are generally niche, unusual in some way, or in need of renovation or repairs. It is worth noting that a good auctioneer knows their market, they know who has downloaded the legal pack, they may well have spoken with the interested parties, and it is with this knowledge and their experience that they make recommendations.
It is bad practice for an auctioneer to set up an auction sale with the intention to sell the property beforehand. It does happen sometimes and can lead to problems when more than one person wants to buy it – after all, the whole point of an auction is ultimately to encourage people to bid against each other, to achieve a secure sale at the best price.
If you are buyer desperately keen to buy the house of your dreams and have it taken out of the auction, don't be frightened to make an offer via the auctioneer, but don't fall into the trap of thinking that you will then have time to sort out your finances. Sold means sold now!
For more information on selling by auction, see the 'Auctions' page of our website under the 'Services' button. If you have a property that you'd like to discuss selling by auction, give us a call or WhatsApp us on 01392 204800.
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We're pleased to bring you the latest mortgage update from our colleagues at The Mortgage Quarter.
Interest rates
The Bank of England has held the base rate at 4.5% this February, providing some stability for borrowers and homeowners. While rates remain unchanged for now, this decision offers a steady footing for those looking to secure a mortgage or remortgage in the coming months.
Great news for buyers!
Mortgage rates are becoming more competitive! The lowest available rate currently sits at 3.97% on a five-year fixed purchase deal, offering stability and peace of mind for those looking to secure their mortgage in the long term.
It's important to note that the lowest rates aren't always available to everyone, as they depend on factors such as deposit size, credit history, and individual lender criteria. However, there are still plenty of competitive options available.
High-Street lenders
For the first time in a while, high-street lenders have broken the sub-4% interest rate mark, with rates as low as 3.99%. This is a positive sign that lenders are feeling more optimistic about the market, making homeownership more accessible for buyers.
If this trend continues, we could see even more lenders following suit with rate reductions, creating better opportunities for those looking to secure a mortgage.
We can help
Now could be a good time to explore options. If you're looking to move home, check out our listings of property for sale, give us a call on 01392 204800 or WhatsApp us - we'll be pleased to help.
If you need a mortgage to purchase a home, or if it's time to re-mortgage, get in touch with the team at The Mortgage Quarter to see how they can help find the right mortgage deal for you.
☎️ 01392 660219
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🌐 www.themortgagequarter.co.uk
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Conservation areas are zones of distinctive historic or architectural interest, designated by local authorities and governed by stricter planning regulations to maintain, preserve, protect, and enhance their character.
First introduced with the Civic Amenities Act of 1967, conservation areas are found in both urban and rural settings and thousands have since been designated across the UK, each with its own unique characteristics and requirements.
There are some drawbacks of buying a home in such an area, but there are also several advantages.
Stricter planning controls may stipulate that specific building materials or techniques are used in maintaining, altering, or extending properties in the area, which could prove more costly than that of those in non-conservation areas. A requirement to use specific materials could also result in increased insurance premiums due to the cost of repairs in the case of an incident. Similarly, there may be limitations on the installation of modern amenities such as solar panels.
However, there are many upsides to these stricter planning regulations. By its very nature, a conservation area is a place of beauty, whether it features wonderfully preserved buildings, picturesque streetscapes, green spaces or mature trees, and these are protected under the Act therefore you can rest assured that no inappropriate developments would be approved, and property values protected. Indeed, research has found that homes in conservation areas generally cost more and appreciate in price more than those in other areas.
In addition, there is often a stronger sense of community as everyone shares a common outlook and interest in preserving and enhancing the aesthetic appeal of the area. And in areas with protected green spaces and trees, there are environmental benefits including better air quality and the preservation of wildlife habitats.
Your decision ultimately depends on your individual priorities, preferences and circumstances, but I would say that if you are willing to adhere to the associated regulations, residing in a pristine rural or urban area that is protected by conservation efforts can be highly rewarding.
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