Looming Changes in Stamp Duty, act Now before it’s too late! | Winston Solicitors Skip to main content
winston-solicitors-conveyancing-stamp-duty
Advice

Looming Changes in Stamp Duty, act Now before it’s too late!

Amr Elshorbagy Amr Elshorbagy
4 min read

With the UK Government having announced changes to stamp duty in the Autumn budget, many homebuyers are asking: “how will these changes affect the property market and what steps should I take to minimise the financial impact?”

Let us help you break down what stamp duty is, how potential changes could affect you when buying a house and the practical steps you can take now to prepare for these changes.

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) is a tax paid when you purchase property or land in England and Northern Ireland. The amount of stamp duty you pay depends on the price of the property and various thresholds that currently exist. First-time buyers benefit from exemptions, but other homebuyers pay a percentage of their property price above certain limits.

Currently, no stamp duty is paid on the first £250,000 of the property price for general homebuyers, and first-time buyers are exempt up to £425,000. The rate increases with higher-priced properties.
What do the SDLT changes mean for buyers?

Stamp Duty Land Tax is set to return to its higher levels on the 31st of March 2025, so if you don’t act now you could end up paying thousands of pounds extra after that.

Here is a reminder of the current Stamp duty rates:

  • 0% up to £250,000
  • 5% £250,000 to £925,000
  • 10% £925,001 to £1.5 million 
  • 12% the remaining amount above £1.5million

Following the Budget Announcement, below is the new stamp duty rates as of the 31st of March 2025:

  • 0% - up to £125,000
  • 2% - from £125,001 to £250,000
  • 5% - from £250,001 to £925,000
  • 10% - from £925,001 to £1.5 million
  • 12% on the remaining amount above £1.5 million 

If you own another residential property, you face paying a further 3% on top of these rates:

  • 0% becomes 3%
  • 2% becomes 5%
  • 5% becomes 8%
  • 10% becomes 13%
  • 12% becomes 15%

How will these changes affect you?

1.    Higher costs for buyers

As the threshold for paying stamp duty has lowered, buyers face higher upfront cost when purchasing a home.

2.    Impact of Property Prices

Historically changes in Stamp Duty have affected the Housing market, higher stamp duty costs can cool demand, which might put downward pressure on property prices, however if buyers rush to complete transactions before any new rules come into effect, there could be a temporary spike in demand.

3.    First Time Buyers and Investors

First Time buyers could still benefit from exemptions depending on how the Government adjusts the rules. Investors and second-home buyers, however, may face stiffer penalties, making it more expensive to grow or diversify property portfolios.

What can you do NOW to beat the Stamp Duty Increase

With changes expected, taking action now can help you avoid paying more in stamp duty later; here are some practical steps to consider:

1.    Complete your purchase before the 31st of March 2025

If you are already in the process of buying a property, accelerating the transaction to complete before the impending changes. This is particularly important if you are purchasing a higher-value property or an investment property, where potential increases could have a more significant impact.

2.    Get your Mortgage in place early

If you are considering buying a property but haven’t yet secured a mortgage, start the process as soon as possible. Mortgage approvals can take time and having everything in order will put you in a better position to close the deal before any stamp duty changes come into effect.

3.    Work with your solicitor/conveyancers

Your solicitors/conveyancers play a crucial role in ensuring your purchase completes smoothly. It is therefore very important to choose the right solicitors to help you achieve your desired end goal, here at Winston Solicitors we pride ourselves in giving excellent service to our clients. 

4.    Reassess your Budget

If you are planning to buy a home in the near future but haven’t yet started the process, now might be a good time to reassess your budget in light of the Stamp Duty increases. Factor in potential for higher upfront costs and speak with a financial advisor or mortgage broker to understand how thus might affect your overall affordability. 

Taking Steps to Understand Stamp Duty

With the changes to Stamp Duty looming, its essential to stay informed and take proactive steps if you’re in the market for a new home. Whether you’re a first-time buyer, an investor or someone looking to move house, consulting with a Conveyancer can help you navigate the upcoming changes and ensure you’re prepared.

If you need advice or assistant with, your property purchase, contact our team of experts today. We can provide tailored guidance to help you make informed decisions.
 

Client feedback

I would definitely highly recommend the efficiency & good communication thry have & have had several properties successfully completed with
Mr H
Excellent local solicitors would recommend. You can call in the office car parking available and receptionists very helpful if you need help. Dealt with them before, excellent.
Ian
Winston Solicitors was recommended to me, as this was my first time buying a house and didn’t know what to expect. They made the process very easy and I did not have to worry about any of the process as I got to track it every step of the way. Samantha also kept me updated and any queries were replied to promptly. I will definitely be using again in the future and recommend everyone I know.
Mr Michel
I can’t speak highly enough of Sidraa at Winston Solicitors for her exceptional support throughout my house purchase. From start to finish, she has been absolutely brilliant. Her prompt responses, attention to detail, and professionalism made a stressful process feel manageable and smooth. This is actually the second time I’ve used Winston Solicitors, and once again, they have been great. Consistent, reliable, and professional and Sidraa in particular truly went above and beyond. She was always kind, polite, and incredibly approachable, nothing ever felt like too much trouble. Even when dealing with a particularly difficult chain and the added pressure of a new stamp duty deadline, she worked tirelessly to get everything done on time. She responded to queries even out of hours, always called back when she said she would, and genuinely made me feel like a priority. What really stood out to me was her dedication — despite having preplanned annual leave for Eid, she still tried to keep things moving, which shows how committed she is to her clients. Her communication was clear and consistent, and she made a complex process feel a lot less daunting. I felt fully supported and in safe hands throughout. If you're looking for a solicitor who is professional, caring, and truly exceptional at what she does, Sidraa at Winston Solicitors is the one to go to. I’m incredibly grateful for everything she did and wouldn’t hesitate to work with her again or recommend her to others. - April 2025
I Younas, Leeds
I would really like to thank both Amr and his assistant Joe. Throughout the whole process they kept me informed, nothing was ever too much. I am a first time buyer, this was a very stressful time but both members of staff made me feel at ease that it would get sorted. Thank you so much both!
Y Hinton, Leeds
Leasa and Julie were fantastic at helping us buy and sell our house. They were punctual, and kept us up to date with what was going on. Their online platform was clear to follow. Leasa's email response time was rapid, this was incredibly valuable. - March 2025
J Salthouse, Leeds
Superb service from a knowledgeable and professional team.The sale of my property was as far from straight forward as you could get, yet they handled everything perfectly. This made the process less stressful as i had the confidence in them to get it sorted!
Amy
2nd time using Winstons. 1st time was for a purchase and 2nd time was for a Sale. Sidra and Tom kept me updated at each stage of the process. We're very prompt in their responses and completed both times in a timely manner. Would highly recommend for conveyancing services
Farhana
Contact Amr