The Autumn budget announcement has brought some important updates to the housing market, affecting first-time buyers, second-home buyers, and investors alike. Here’s a quick summary of the changes.
Stamp Duty Changes
The Stamp Duty Land Tax (SDLT) surcharge for second property purchases has increased by 2% — from 3% to 5%— added on top of the usual residential rates.
Additionally, starting April 1, 2025, there will be further changes:
Standard 0% band
First-time buyer 0% threshold
Capital Gains Tax (CGT) on residential property will remain unchanged.
England Base Rate Update
Previous rate
5%
New rate
4.75%
The Bank of England has cut its base rate from 5% to 4.75% — the second reduction this year. If you are looking to move it is advisable to speak with an independent financial advisor. If you’d like us to help with this, please reach out to any member of Team247.
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