Why the New Year is the Perfect Time to Buy or Sell Your Home
7 minute read
Date Published - December 3rd 2024
7 minute read
Date Published - December 3rd 2024
The beginning of a new year often brings a fresh perspective and motivation to achieve life goals – for many, that includes moving house. January traditionally sees a surge in activity in the property market, with more buyers and sellers eager to make a start on their plans. Rightmove revealed that on Boxing Day 2022, a record 46% more homes were listed for sale than the same day in 2021. This surge reflects the fresh-start mindset that often comes with the new year, as homeowners seize the opportunity to act on their resolutions and kick off their property plans.
If you’re planning to buy or sell in 2025, now could be the perfect time to act. At GloverPriest, our Conveyancing Solicitors specialise in the sale and purchase of residential properties, offering nationwide services across England and Wales. With digital onboarding, you can benefit from our expertise without even needing to visit our many offices.
We’re here to make your sale or purchase as smooth and stress-free as possible. Contact us today by completing our online enquiry form.
The residential property market typically peaks around January and spring, with buyers and sellers often eager to complete their transactions before the summer holidays. By instructing a conveyancing solicitor early, you can take advantage of this seasonal momentum, ensuring a quicker and smoother process.
From April 1st 2025, Stamp Duty Land Tax (SDLT or Stamp Duty) rates are also set to change as the temporary increases to thresholds introduced in September 2022 by the Conservative Government will come to an end. These changes will impact everyone planning to buy property, but first-time buyers are likely to feel the effects the most. Acting before 31st March 2025 could save thousands in additional taxes, making now the perfect time to plan your move.
We take the stress out of buying a home by managing the legalities on your behalf.
Selling your home can be complex, but we simplify the process with expert guidance at every step.
The conveyancing process doesn’t have a one-size-fits-all timeline, as several factors can influence how quickly everything moves. These include:
On average, if everything goes smoothly, the conveyancing process typically takes 8–12 weeks from the point an offer is accepted to completion.
Yes, you will need either a conveyancing solicitor or a licensed conveyancer to manage the legal transfer of property ownership. While the conveyancing process might seem straightforward, property transactions can be complex and having the right legal support ensures everything is handled correctly and without unnecessary stress.
Stamp Duty Land Tax (SDLT) is an essential consideration for buyers in England and Northern Ireland, but it’s important to note that Wales and Scotland follow different systems. In Wales, buyers pay Land Transaction Tax (LTT), while in Scotland, Land and Buildings Transaction Tax (LBTT) applies.
For those purchasing property in England or Northern Ireland, upcoming changes to SDLT rates on 1st April 2025 mean it’s more important than ever to factor this tax into your property plans. Acting before these changes take effect could help you save significantly on costs.
Stamp Duty is a tax paid when buying property or land above a certain value in England and Northern Ireland. The amount you pay depends on several factors, including:
If you’re thinking of buying in early 2025, understanding how the rates will change on 1st April 2025 is critical. Acting before this date may significantly reduce the amount of tax you’ll need to pay.
When we refer to "single properties," we mean homes purchased by individuals to live in as their primary residence – not additional properties such as buy-to-lets, holiday homes, or rental investments. If you’re buying a house to live in, this is the Stamp Duty category that applies to you.
Current Stamp Duty Rates (Until 31st March 2025)
Under the current stamp duty rules, if you’re buying a property for £250,000 or less there’s no Stamp Duty to pay. For properties above this value, the following rates apply (up until 31st March 2025):
|
Property Price |
Stamp Duty Rate |
|
Up to £250,000 |
0% |
|
£250,001 to £925,000 |
5% |
|
£925,001 to £1.5 million |
10% |
|
Over £1.5 million |
12% |
For example:
If you purchase a property for £295,000 before 31st March 2025, the first £250,000 is tax-free, and 5% is charged on the remaining £45,000, resulting in an SDLT of £2,250.
New Stamp Duty Rates (From 1st April 2025)
From 1st April 2025, the SDLT rates for single properties will increase, meaning buyers will need to pay more tax on their purchase:
|
Property Price |
Stamp Duty Rate |
|
Up to £125,000 |
0% |
|
£125,001 to £250,000 |
2% |
|
£250,001 to £925,000 |
5% |
|
£925,001 to £1.5 million |
10% |
|
Over £1.5 million |
12% |
For example:
If you purchase the same property for £295,000 after 1st April 2025, you’ll pay:
By acting before 31st March 2025, you could save £2,500 in Stamp Duty charges.
First-time buyers currently benefit from discounted SDLT rates to help them get on the property ladder, but these too will change after 1st April 2025.
Current Stamp Duty Rates for First-Time Buyers (Until 31st March 2025)
|
Property Price |
Stamp Duty Rate |
|
Up to £425,000 |
0% |
|
£425,001 to £625,000 |
5% |
The government portal on Stamp Duty states that if your purchase price is over £625,000, you cannot claim the relief and you should follow the rules for people who’ve bought a home before. (i.e. the above ‘Stamp Duty on Single Properties’ section).
Example:
If you buy your first home for £500,000 before 31st March 2025, you’ll pay:
New Stamp Duty Rates for First-Time Buyers (From 1st April 2025)
|
Property Price |
Stamp Duty Rate |
|
Up to £300,000 |
0% |
|
£300,001 to £500,000 |
5% |
Example:
If you buy your first home for £500,000 after 1st April 2025, you’ll pay:
That’s an increase of £6,250 compared to the current rates.
With SDLT rates increasing from 1st April 2025, buyers could save thousands by completing their transactions before this date. First-time buyers, in particular, may see significant cost differences under the new rates.
For sellers, the new year offers a prime opportunity to list your property, with motivated buyers eager to act before the deadline. By starting the process now, you can maximise market activity and ensure a smoother transaction.
With the new year being an excellent time to start preparing for your move, here are some our solicitors’ practical tips:
For Buyers
For Sellers
At GloverPriest, we’re committed to making your property journey stress-free. Whether buying or selling, we offer a trusted, client-focused service tailored to your needs.
The new year is a time for fresh starts. If you’re looking for a residential conveyancing solicitor who combines expertise with a client-friendly approach, GloverPriest is here to help. Contact us today by completing our online enquiry form.
*Based on Review Solicitors independent data as of November 2024.
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