West Sussex homebuyers encouraged to be aware of upcoming stamp duty changes

Currently, no Stamp Duty is due on properties up to £250,000. However, from 1st April 2025, the threshold will be reduced to £125,000, meaning buyers will pay 2% on the portion between £125,000 and £250,000 and 5% on the portion between £250,001 and £925,000.

Barratt David Wilson Homes Southampton division, which is currently building Nursery Fields in North Bersted and Sylvan Meadows near Arundel, say that many people were unaware of the changes which could cost them thousands.

A recent survey carried out by Barratt David Wilson Homes in January 2025, out of 500 prospective buyers:

• 36% were unaware of the changes.
• 38% had heard about them but lacked detailed knowledge.
• Only 26% were fully informed.

These changes could add thousands to the cost of moving home*. For example, as noted on Gov.uk, a property valued at £295,000 would attract £2,250 in Stamp Duty if purchased before 31st March 2025, rising to £4,750 from 1st April.

Similarly, a £550,000 property would see an increase from £15,000 to £17,500. This also impacts first time buyers that are not exempt from the rises.

Mortgage expert Terry Higgins, Group MD of TNHG New Build Mortgages, advises buyers to plan ahead:

"The return to pre-2022 thresholds will affect many buyers, particularly first-time buyers and those moving up the property ladder. Factoring in the potential tax increase now could help buyers make informed decisions and explore opportunities to move before the changes take effect."

Tammy Bishop, Sales Director at Barratt David Wilson Homes Southampton division, said: “We encourage property seekers looking to make a move this year to consider accelerating their plans as it could mean saving thousands of pounds.

“We don’t want anyone to have to compromise on their dream home and our Sales Advisers are on hand to discuss our offers available, some of which include Stamp Duty paid on selected properties.

“Our developments all have moving schemes and offers to help make a new home more affordable and we are ready to help prospective buyers take the first or next step on the property ladder in 2025.”