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At Hardakers, we understand that navigating the complexities of the property market can be challenging.
Especially with the recent news and government announcements affecting Stamp Duty Land Tax (SDLT) and other key aspects of property transactions. While our team is well-equipped to assist you through your moving journey, it’s crucial to stay informed about these changes. The recent government statements and market observations have significant implications for both current and prospective homeowners. In this article, we will delve into these developments, offering insights into how they might impact your property decisions and how Hardakers can provide removal support to navigate these changes effectively.
The current situation regarding the Stamp Duty Land Tax (SDLT) in the UK and the potential for another stamp duty holiday has been a topic of discussion in recent times.
Stamp Duty Cuts Will Remain in Place Until 31st March 2025
The SDLT threshold increase announced in September 2022 has been beneficial, especially for first-time home buyers. This increase allowed many first-time buyers to enter the property market, as it helped them save on stamp duty for homes costing less than £425,000. However, this SDLT threshold is scheduled to end on 31st March 2025. After this date, the SDLT thresholds will revert to their previous levels. This would be impacting the cost of properties on which homebuyers start paying stamp duty land tax.
The Autumn Statement revealed that stamp duty cuts will remain in place until 31st March 2025. This move was seen as providing stability to the housing industry, which was deemed necessary, especially considering the economic climate. Industry experts have expressed a range of views on this decision. Some see the extension of the current SDLT rates as providing much-needed stability and predictability, while others are happy about the interest rate decline on the housing market. There is a consensus that the stability in SDLT and First-Time Buyers (FTB) relief is beneficial for the market.
Stamp Duty Payment Bands in 2024
There’s also an opinion that increasing stamp duty payment bands in 2024 could stimulate market activity, particularly at the lower end of the property market. This would potentially help first-time buyers by reducing the amount they need to borrow, thus improving their affordability calculations. Such a move could create momentum in the housing market. However, the broader economic context, such as the state of the rental market and interest rates, also plays a significant role in shaping these dynamics.
While there’s no indication of an immediate new stamp duty holiday, the current thresholds and discussions around them are crucial for those in the property market. The situation remains dynamic, with various factors such as economic policies, interest rates, and housing supply influencing the market.
We are not experts in buying and selling in the property market but If you find yourself in the market to move always think of Hardakers for your expert removals!