Buying Your First Home? Don’t Miss Out on Stamp Duty Land Tax (SDLT) relief

The UK government’s Stamp Duty Land Tax (SDLT) relief offers significant financial benefits for first-time buyers, making home ownership more attainable. With upcoming policy changes, it’s essential to understand how SDLT relief works and how you can benefit from it before the thresholds revert in April 2025.

What is Stamp Duty Land Tax Relief for First-Time Buyers?

Stamp Duty Land Tax (SDLT) is a tax applied to property purchases in England and Northern Ireland. For first-time buyers, the SDLT relief provides a tax break based on the value of the property:

• Properties up to £425,000: No SDLT is payable.
• Properties between £425,001 and £625,000: SDLT is charged at 5% on the portion above £425,000.
• Properties above £625,000: The standard SDLT rates apply.

This relief significantly lowers the financial burden for first-time buyers and has encouraged many to enter the housing market since its introduction.

Key Changes and Deadlines

The current SDLT relief thresholds, introduced on 23 September 2022, will remain effective until 31 March 2025. After this period:

• The SDLT-free threshold will drop from £425,000 to £300,000.
• Properties between £300,001 and £500,000 will incur SDLT at 5%.
• Properties above £500,000 will follow the standard SDLT structure.

These changes will increase costs for first-time buyers purchasing homes valued between £300,001 and £425,000. Buyers are rushing to finalize deals before the changes take effect.

For official guidance, visit the UK Government SDLT page.

How First-Time Buyers Can Benefit

1. Act Quickly: Finalize your property purchase before April 2025 to take advantage of the higher thresholds.
2. Understand Your Budget: Factor in potential SDLT costs if you’re considering properties exceeding the tax-free limit.
3. Utilize Shared Ownership Schemes: First-time buyers using shared ownership schemes may qualify for SDLT relief, lowering their upfront costs.

For detailed eligibility requirements, consult the UK Government’s SDLT Relief Guidelines.

How Inter Infinity Energy Solutions Can Help

At Inter Infinity Energy Solutions, we go beyond energy services to assist first-time buyers in making informed decisions about their property purchases. Here’s how we can support you:

• Detailed Floor Plans: Showcase the full potential of your property with professional floor plans, aiding faster sales or better understanding of your space.
• Energy Efficiency Assessments: Reduce energy costs by optimizing your new home with our retrofit and energy-saving solutions.

Learn more about our services here.

With the SDLT relief policy poised for changes in April 2025, now is the time for first-time buyers to act. By taking advantage of the current thresholds, you can save thousands on your property purchase. For guidance on making your new home as efficient and market-ready as possible, trust Inter Infinity Energy Solutions.

Contact us at info@interinfinity.co.uk or 02030929602 for personalized support in creating floor plans or optimizing your home’s energy efficiency. Together, we can help you navigate the process with ease.