Stamp Duty 2025: Beat the Deadline and Save on Your Property Purchase in Newark or Southwell
If you’re considering buying or selling property in Newark, Southwell, or surrounding areas, time is of the essence. Significant stamp duty changes are set for April 2025, and failing to complete before the deadline could cost buyers thousands in additional tax.
At Alasdair Morrison & Mundys, we’re helping local home movers take advantage of the current thresholds before they revert to previous levels.
What Are the Current Stamp Duty Rates?
Introduced during the September 2022 mini-budget, the stamp duty thresholds were increased to support buyers amid rising living costs.
For home movers:
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0% on the first £250,000
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5% on the portion from £250,001 to £925,000
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10% from £925,001 to £1.5 million
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12% above £1.5 million
That means a property purchase of £300,000 would incur just £2,500 in stamp duty.
What Will Change After 1 April 2025?
The recent budget confirmed that stamp duty rates will return to pre-2022 levels:
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0% up to £125,000
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2% on £125,001 to £250,000
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5% on £250,001 to £925,000, and so on.
So, the same £300,000 home would cost £5,000 in stamp duty—double the current cost.
First-Time Buyers: What You’ll Lose
Current relief for first-time buyers is generous:
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0% up to £425,000
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5% from £425,001 to £625,000
But from April 2025, this changes to:
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0% up to £300,000
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5% from £300,001 to £500,000
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No relief above £500,000
Buying in Newark or Southwell before the deadline could save you thousands—especially if you’re entering the property market for the first time.
What Does This Mean for Newark and Southwell?
According to national market trends and industry insight, we’re expecting a surge in property activity leading up to spring 2025. Buyers are moving quickly to take advantage of the savings, and sellers will benefit from increased demand.
Iain McKenzie, CEO of The Guild of Property Professionals, notes that previous stamp duty deadlines have led to “spikes in activity as the cut-off date approaches,” making now an ideal time to prepare your home for sale or start your property search.
What Should Buyers and Sellers Do Now?
Whether you’re upgrading, downsizing, or buying for the first time in Newark or Southwell, timing is everything.
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Buyers: Act now to ensure your purchase completes before 31 March 2025 and lock in current stamp duty savings.
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Sellers: Get your home on the market ahead of the spring surge to attract serious buyers.
Speak to Your Local Experts
At Alasdair Morrison & Mundys, we’ve helped thousands of local buyers and sellers navigate key market changes like this. Our in-depth knowledge of the Newark and Southwell markets means we can guide you from valuation to completion—ensuring you beat the deadline and avoid unnecessary tax.
Newark Office: 01636 700888
Southwell Office: 01636 813971
Email: info@am-mundys.co.uk
Arrange a FREE Property Valuation