What the Autumn Budget means for homeowners and potential buyers

With the Autumn Budget announced just last week, there is one big takeaway for anyone thinking about buying a home: now’s the time to act. Starting in April 2025, significant changes are coming that will increase the cost of buying a home for most, including first-time buyers and beyond.

With Vivly Living’s commitment to building people-first homes in beautiful locations with friendly communities, there’s no better choice for your next home. We offer chain-free, energy-efficient homes, with fantastic aftercare services to ensure that you can focus on what really matters - like enjoying your wonderful new home. Keep reading to find out more on what’s ahead for homeowners, first-time buyers and why acting now could save you thousands in the long run.

Stamp Duty – the main reason to buy before April 2025

The biggest change in this Budget is the rollback on Stamp Duty thresholds. Since 2022, buyers (excluding first-time buyers, who have different rules as discussed further in this blog) have been able to enjoy a raised Stamp Duty Land Tax (SDLT) threshold of £250,000, meaning you pay no tax on the first £250,000 of your purchase. But as of April 2025, this threshold will drop back down to £125,000, which means more upfront costs for nearly all buyers.

For example, if you bought a property now for £300,000, you would pay zero per cent on the first £250,000 then five per cent on the next £50,000, making the SDLT £2,500. From April, a £300,000 property would create zero per cent SDLT on the first £125,000, two per cent on the next £125,000 (£2,500) then a further five per cent on the next £50,000 which is also £2,500, making a grand total of £5,000.

So, if you’ve been eyeing a new home, these next few months could be your window to save on costs. Completing before April means locking in the lower Stamp Duty rates – and keeping more of your money in your pocket.

The faster you make your decision, the better. Leaving as much time as possible for conveyancing, mortgage approvals and buyer/seller complications is the safest way to ensure that you’ll be able to take advantage of the current rates.

What the Autumn Budget means for first-time buyers

First-time buyers already have a lot to consider. However, from April 2025, the SDLT exemption will only apply to homes with a value of up to £320,000, instead of £425,000.

For example, if you bought a property now for £400,000, you would pay no SDLT, but from April, you will pay zero per cent on the first £300,000 then five per cent on the next £100,000, bringing the total SDLT for your property to £5,000.

So, while things are set to get a bit pricier, acting quickly and securing your new home at today’s Stamp Duty rates is a big plus – and would mean starting your life as a homeowner sooner.

Why now is the perfect time to buy with Vivly Living

These Budget changes highlight why buying now, especially with Vivly Living, is a great choice. Whether you’re a first-time buyer or just ready for a new home, here are the benefits of buying a Vivly Living home before April 2025:

Save on Stamp Duty: secure your home before April and benefit from the current Stamp Duty relief. This means you can avoid those higher upfront costs next year, saving thousands of pounds that you can put towards new furniture or homewares for your new home.

Move into a modern, energy-efficient home: Vivly Living builds with energy efficiency in mind, which means not only a greener footprint but also savings on utilities and a more comfortable home for years to come. Read our blog on ‘Living Green: how Vivly Living is leading the way on sustainable housebuilding' to find out more about our energy efficient homes.

Gain stability in uncertain times: with the rental market becoming increasingly competitive while mortgage rates are on a decline, owning a home can offer more control over your costs. With Vivly Living, you’re investing in a home that prioritises comfort, quality and lasting value through its thoughtful design.

With the upcoming changes, these next few months provide a fantastic opportunity for anyone considering a new home. The Budget may mean higher costs for buyers down the line, but for now, you can still make the most of today’s more favourable Stamp Duty rates. And with Vivly Living’s thoughtfully designed homes, you’re not only buying a gorgeous new house, but also making a solid investment into your future.

If you want to know more about life in a Vivly Living home, you’re in luck! Join us for our Christmas Open Day on 7th December 2024 at Whistle Bell Court, Skelmanthorpe. We’ll have free mince pies and mulled wine for adults, plus presents and an elf hunt for the kids – it’s the perfect festive day for the whole family. Come along to explore our properties in person and get started on bringing your dream home to life.

If you’re ready to explore your options and take advantage of these savings, pop down to our Customer Experience Hubs at either Knowle Grange, Shepley or The Willows, Denby Dale to chat to our friendly Customer Experience Team. You can also contact us on 01484 599354 for a quick chat over the phone. We’re here to help you find the right home for you, just in time to make the most of today’s rates.