The Budget, Base Rates and how we can help you get wrapped up for Christmas!
Budgets, Base Rates and getting wrapped up for Christmas!
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:
- The 0% SDLT band will decrease from properties valued up to £250,000 to properties valued up to £125,000.
- For first-time buyers, the 0% threshold will reduce from £425,000 to £300,000.
If you’re unsure how these changes might affect your property transaction, please consult with the lawyer handling your case. While we’re happy to provide guidance, please note this is not formal tax advice.
To estimate your potential stamp duty costs, you can use this stamp duty calculator.
Capital Gains Tax (CGT) on residential property will remain unchanged.
England Base Rate Update
The Bank of England has cut its base rate from 5% to 4.75%. It is the second time this year it has made the decision to reduce the base rate. How may this affect you?
If you are looking to move it is advisable to speak with an independent financial advisor. If you would like us to help with you with this, please reach out to any member of Team247.
Want to Get Wrapped Up for Christmas?
Thinking about a move in the New Year? Our “Get Wrapped Up for Christmas” campaign ensures your property is market-ready, allowing you to enjoy the Christmas holidays while preparing for a fresh start in 2025!
Here’s how it works:
Book a Valuation Now – Let us help you discover your home’s full potential.
Instruct FreeAgent247 – Leave the heavy lifting to us.
Media Magic – We’ll capture stunning photos and media of your home.
Put Your Feet Up – Relax this Christmas while we prepare everything for a grand New Year launch!
Want to find out more?
Office: 01905 905996
Mobile: 07486 031 975
hello@freeagent247.com
8 Basin Road, Diglis, Worcester, Worcestershire, WR5 3GA.
By appointment only.
