If you’re considering selling your flat or apartment in Bromley, there’s a ticking clock you need to be aware of. Changes to the UK’s Stamp Duty Land Tax (SDLT) rules are coming into effect in April 2025, and these changes will impact buyers in key price brackets—especially in areas like Bromley, where certain property prices often hover around these thresholds. Acting now could mean the difference between a smooth sale and a buyer struggling to afford your property.

Here’s why getting your property on the market sooner rather than later is a smart move:

What’s Changing with Stamp Duty?

From April 2025, the threshold at which buyers start paying stamp duty will drop significantly:

Buyers will pay SDLT on any property over £125,000, down from the current threshold of £250,000.
First-time buyers’ tax-free threshold will be lowered from £425,000 to £300,000, and the reduced rate will only apply to homes costing £500,000 or less, down from £625,000.

For example, after April 2025, a first-time buyer purchasing a property for £500,000 will pay £11,250 more in stamp duty. This could mean many buyers in Bromley will face higher upfront costs, which could deter them from committing to a purchase.

How Does This Affect Sellers in Bromley?

Bromley is home to many flats and apartments that fall within the price ranges most affected by these changes. If you own a flat priced between £300,000 and £500,000, your property could become less attractive to buyers as they budget for higher stamp duty costs.

Additionally, buyers looking at properties in Bromley often stretch their finances to secure their dream home. The looming changes could reduce the number of prospective buyers able to meet your asking price. Acting now ensures you reach buyers while affordability remains more favourable.

The Clock Is Ticking

To avoid the impact of the new rules, property sales need to be completed before April 2025. But selling a property isn’t an overnight process. From marketing and viewings to securing offers and navigating the legal process, it can take months to finalise a sale. Listing your property now gives you the best chance of completing the sale in time.

The Benefits of Selling Early

Larger Pool of Buyers: With lower stamp duty costs until April 2025, more buyers will be able to afford your property, increasing competition and potentially leading to higher offers.

Avoid the Rush: As the deadline approaches, the property market is likely to become busier, with longer wait times for conveyancers, mortgage approvals, and searches. Selling early helps you sidestep this bottleneck.

Capitalise on Demand: Bromley remains a sought-after location for buyers, especially young professionals and first-time buyers seeking well-connected flats and apartments. Acting now means you can take advantage of this demand before the new rules take hold.

How Bromley Property Company Can Help

At Bromley Property Company, we specialise in helping sellers navigate the local property market. Our expert team understands the nuances of selling flats and apartments in Bromley and can guide you through every step of the process. From accurate pricing to marketing that targets the right buyers, we’re here to make your sale as smooth as possible.

With the stamp duty changes fast approaching, time is of the essence. Listing your property now ensures you have the best chance of completing your sale before the April 2025 deadline, avoiding any potential roadblocks or reduced buyer interest.

Ready to take the next step? Contact Bromley Property Company today for a free property valuation and expert advice on how to sell your flat or apartment quickly and effectively.