As we approach April 2025, UK homebuyers are facing a significant change in the property market. The current stamp duty holiday is set to end, with thresholds returning to previous levels. This shift means potential buyers have a limited window to save thousands on their property purchase. Here’s how you can win the race to beat the stamp duty deadline and why considering a new build home, like those in the Graven Hill development in Bicester, might be your best option.
The Stamp Duty changes as from April 1, 2025 are:
In April 2025, changes to Stamp Duty Land Tax (SDLT) will take effect in England. The nil-rate threshold for residential properties will revert to £125,000 from £250,000, with SDLT payable at 2% on the purchase price between £125,001 to £250,000.
For first-time buyers, the nil-rate threshold will drop from £425,000 to £300,000, and the cap on qualifying properties will be lowered to £500,000 from £625,000.
The rates for additional properties will also change, with the surcharge increasing from 3% to 5%.
Top Tips for Buying in the UK Market
· Act quickly: With the average UK home taking 70 days to sell and 16+ weeks to exchange and complete, time is of the essence.
· Get your finances in order: Review your credit score, consolidate debts, and save for a strong deposit.
· Obtain a Mortgage Agreement in Principle: This will give you credibility with estate agents and sellers.
· Research locations carefully: Consider factors like traffic patterns, and proximity to schools, shops, and public transport.
· Work with experienced conveyancers: Ensure a smooth process from contract reviews to searches and registration.
Why New Build Homes Are a Smart Choice
Opting for a new build home, such as those in the Graven Hill community development in Bicester, offers several advantages:
1. Minimal maintenance costs: Everything is new and typically covered by lengthy warranties, reducing unexpected repair expenses.
2. Energy efficiency: New builds often incorporate the latest energy-saving technologies, leading to lower utility bills.
3. Personalisation options: Many developers allow buyers to customise aspects of their homes before completion.
4. Modern amenities: New builds are designed with contemporary living in mind, often featuring smart home technology and open-plan layouts.
5. Faster financing: Builders and financial institutions often have established relationships and partners, streamlining the purchase process.
How Graven Hill Meets Homebuyer Needs
The Graven Hill development is an excellent example of how new build communities can address the needs of modern homebuyers:
· Location: Situated in Oxfordshire, Bicester offers a perfect blend of rural charm and urban convenience. With direct rail links to Oxford, London is less than two hours away by train.
· Variety: The development offers a range of property types to suit different budgets and lifestyles from apartments, and 2-bedroom to 5-bedroom homes, detached, semi and townhouse options.
· Part Exchange Option – With Part Exchange at Graven Hill, you are able to remain in your existing home when you buy a brand-new property. Under this scheme, Graven Hill could buy your home so you can move faster with a guaranteed buyer. · Sustainability: Homes at Graven Hill are built with a variety of eco-friendly features, aligning with the increasing emphasis on sustainability in the property market. · Community focus: The development is designed to foster a strong sense of community, an important factor for many homebuyers.
· Facilities: Graven Hill is growing and already has a coffee shop, wine bar, primary school and private dental practice all located within the development, with a nursery and community centre also planned.
By choosing a new build home in a development like Graven Hill, buyers can not only beat the stamp duty deadline but also secure a property that offers long-term value and modern living standards.
Remember, to benefit from current stamp duty rates, your home purchase must be completed by April 1, 2025. Starting the process now is crucial to beating the deadline and avoiding the rush as we approach April 2025. Don’t wait for the tax changes to impact your finances – explore your options today and secure your dream home at the best possible price.