CPS Homes

Stamp Duty Predictions – December 2024

What do the new changes to stamp duty mean for the Cardiff property market in 2025?

With the draft Welsh budget announcement due shortly, I wanted to take a look back at the announced changes to stamp duty land tax in England and Northern Ireland announced in October. Can Wales expect similar changes and what does that mean for buyers and sellers here in Cardiff?

Properties in England and Northern Ireland will start paying stamp duty land tax at a lower threshold for £125,000 from April next year, whilst at the moment Wales starts at £225,000. So, can we expect the same approach to be adopted here? Watch Nathan's video for expert insight from our team.



First time buyers will continue to benefit from stamp duty rate relief at £300,000, while stamp duty for non-first time buyers will start at 2% from £125,000. 

Now let’s talk second homes. Second homes are already subject to an additional level of stamp duty land tax above that of a single residential home. Following the October budget announcement, England and Northern Ireland saw a next day increase in this land tax from 3% to 5%.

This change could have a serious bearing on the number of rental properties coming to the market with tenants, as landlords hold off property purchases due to the increase in costs. The second home tax in Wales is now lower than across the border. My prediction is that the Welsh budget will even out that discrepancy and mirror a 5% rate.

So if you have a second home or investment purchase currently going through, this change could impact you from as early as April next year. My advice would be to kick off your property sale or purchase earlier to avoid potential extra costs.

Any questions? We're here to help.

We will update you with more information after the announcement next week, but in the meantime please feel free to get in touch on 02920 454555 or email sales@cpshomes.co.uk. You can find all of the current stand duty land tax rates for England, Northern Ireland and Wales here.

07 December 2024

    The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.

    Back

    Posts by date

    Sign up for updates

    By using this form, you agree with the storage and handling of your data in accordance with GDPR for the sole purpose of communication. We respect your privacy and will not share your data with third parties. For more information, please view our Privacy Policy.

    cwtch tile

    Festive opening hours 2024

    Festive opening hours 2024

    Festive opening hours 2024

    Please find our festive opening days and hours below: Woodville Road, Cathays branch Mon 23rd Dec: 9.30am - 2pm Christmas Eve: CLOSED Christmas Day: CLOSED Boxing Day: CLOSED Fri 27th Dec: 9.30am - 2pm Sat 28th Dec: …