Stamp duty saving could cover the cost of these significant home improvements

As the UK government announces a new wave of stamp duty tax breaks, property maintenance solution provider, Help me Fix, has revealed what home improvements buyers can now afford to make to their new properties using the money they’re set to save.

Last week, the UK government announced the most significant tax cuts the nation has seen in 50 years. At the centre of these cuts is stamp duty. Moving forward, SDLT will only be payable on property purchases above £250,000, while first-time buyers will only pay tax on purchases starting at £425,000. This move will save the average homebuyer £2,500, while first-time buyers stand to save up to £8,750.

Such savings will allow for significant improvements to their new homes – improvements that will not only add value to the property, but also reduce energy costs during the current cost of living crisis and with winter knocking at the door.

With the average homebuyer saving £2,500, they can install a brand new home security system and burglar alarm at a cost of £525. They can then double down on security by changing the door locks – always a smart idea when moving into a new home – for an average cost of £325.

New homeowners can also use their stamp duty savings to pay for a professional painter and decorator to revitalise the home at a cost of around £400/room and also pay for a full deep clean of the property for around £140.

With more money still left over, owners can install smoke and carbon monoxide alarms throughout the home for a cost of £125, before turning their attention to the home’s exterior and paying for the guttering to be cleaned for about £100.

For owners who would rather use their stamp duty savings to add something fun and glamorous to their new home, a hot tub is a popular option and, at a cost of £1,119, still leaves plenty of change left over for additional improvements to be made.

With an eye on energy efficiency in this current cost of living crisis, owners can also pay around £90 for a fully-certified boiler service. Alternatively, they can use the £2,500 to cover the vast majority of the cost of installing a brand new boiler which averages around £3,000.

For first-time buyers, the stamp duty saving is significantly higher at an average of £8,750. With this sort of money, first-timers can do all of the previously mentioned improvements and still be left with a healthy chunk of change.

Alternatively, they could go all out and buy a summer house or garden office. Starting at a cost of £7,674, this would bring an entirely new dimension to the property’s outdoor space by adding a brand new, fully functional area to the home.

Not only will this improve their quality of life in the home, it can also add value to the property when they come to sell it.

Ettan Bazil, CEO and Founder of Help me Fix said:

“A maximum potential saving of £2,500 may seem fairly insignificant when it comes to the overall cost of buying a property, but it’s a very tidy budget when it comes to making some basic but important improvements to your new home.

It’s rare to find a buyer who won’t want to put their own stamp on a property, but there’s also a whole host of tasks that are highly advisable when moving house, such as changing the locks.

For many, these tasks often get put on the back burner having just accomplished the huge task of saving for a mortgage deposit, so the latest cuts to stamp duty will, at least, help them get their house in order sooner, rather than later.”