News
Kick starting 2025 with momentum
As the calendar turned to 2025, we at James & James Estate & Letting Agents hit the ground running. Our Boxing Day campaign set the tone for an exceptional start to the year, with over 30 new listings successfully launched. Additionally, several properties repositioned their asking prices, leading to renewed interest and activity in the market.
The results speak for themselves: a staggering 387 new clients registered with us, looking for properties to both buy and rent. By January 15th, we had agreed upon 16 new sales and let a further 8 properties. Furthermore, a handful of exchanges that narrowly missed the Christmas deadline were completed early in January, providing the perfect boost to kickstart the year.
This strong start reflects the resilience of the property market and the dedication of our team. However, we remain vigilant and consistent in our advice to clients: setting the correct asking price remains crucial in achieving the best outcomes.
Preparing for the Spring Market
As we approach spring, there’s one important factor buyers and sellers need to keep in mind: upcoming changes to stamp duty thresholds. The new thresholds, effective from 31st March 2025 are as follows:
What’s Changing?
There will be changes for most buyers, with first-time buyers most affected:
Current stamp duty for first-time buyers:
|
Property value |
Stamp duty rate for first-time buyers |
|
Up to £425,000 |
0% |
|
£425,001 to £625,000 |
5% |
Stamp duty for first-time buyers after 1st April 2025:
|
Property value |
Stamp duty rate for first-time buyers |
|
Up to £300,000 |
0% |
|
£300,001 to £500,000 |
5% |
There will also be changes for those who are not first-time buyers, but are moving their main property:
Current rates for purchase of main residences:
|
Property value |
Stamp duty rate for main residence |
|
Up to £250,000 |
0% |
|
£250,001 to £925,000 |
5% |
|
£925,001 to £1.5 million |
10% |
|
Over £1.5 million |
12% |
Stamp Duty for purchase of main residences after 1st April 2025:
|
Property value |
Stamp duty rate for main residence |
|
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% |
Finally, second-home purchasers will also be affected.
Current rates for purchase of additional properties:
|
Property value |
Stamp duty rate for second property |
|
Up to £250,000 |
5% |
|
£250,001 to £925,000 |
10% |
|
£925,001 to £1.5 million |
15% |
|
Over £1.5 million |
17% |
Stamp Duty for purchase of additional properties after 1st April 2025:
|
Property value |
Stamp duty rate for second property |
|
Up to £125,000 |
5% |
|
£125,001 to £250,000 |
7% |
|
£250,001 to £925,000 |
10% |
|
£925,001 to £1.5 million |
15% |
|
Over £1.5 million |
17% |
These adjustments will likely influence buyer budgets and could impact market dynamics as the year progresses. We’re here to guide our clients through these changes and help them make informed decisions.
Exciting Developments Ahead
2025 is shaping up to be a transformative year for James & James Estate & Letting Agents. We’re thrilled to share that significant developments are on the horizon, enabling us to enhance our services further while maintaining our proud status as an independent agency. Stay tuned for updates on this exciting journey!
Ready to Help You Achieve Your Property Goals.
Whether you’re thinking of selling, renting, or have questions about commercial properties, our experienced and qualified team is here to assist. We’re committed to delivering exceptional customer service and achieving the best possible outcomes for our clients.
Get in touch with us today to discuss your property needs. Here’s to a successful and prosperous 2025 for everyone!
