Wembley Overview
1. There are currently 1,232 homes listed as available for rent in the Wembley area, with an average asking rent of £2,084 per month.
2. Rents have risen 35% since 2020, lifting landlord returns in recent years. This has drawn more investors back, with buy-to-let purchases up 60% year-on-year to Q1 2026.
3. Mortgage rates have remained steady since the Bank of England chose to hold interest rates at its September meeting, underlining overall stability in the market.
4. The countdown to Christmas is on. It currently takes an average of 63 days to secure a buyer, slightly longer than the 60 days recorded at the same point last year.
Stamp duty on second homes – what buyers need to know
Buying a second home has always been a significant financial step — whether it’s a holiday getaway, a buy-to-let investment, or a future retirement property. But earlier this year, many buyers saw their costs change dramatically with the new stamp duty land tax (SDLT) rules that took effect on April 1, 2025.
Understanding how these new rules reshaped the property landscape has been essential for anyone who bought — or plans to buy — a second home after that date.
What is stamp duty on a second home?
SDLT is the tax paid when purchasing property in England and Wales for those who already own a home, a higher rate — known as the second home surcharge — applies.
On April 1, 2025 the SDLT system changed, introducing new rates and thresholds that increased the cost of buying additional properties. These reforms affected buyers across all price ranges, particularly those purchasing mid-range or investment homes.
How much stamp duty will you pay from April 2025?
Since the changes came into force, anyone purchasing a second home has faced higher SDLT rates. The tax-free threshold was reduced from £250,000 to £125,000, meaning many properties that previously incurred no tax are now subject to SDLT.
The updated rates for second homes, in effect since April 2025, are:
5% on properties up to £125,000 – Previously buyers paid no SDLT on the first £250,000, but this exemption was removed.
7% on properties between £125,001 and £250,000 – A new band introduced to capture modest second-home purchases.
10% on properties between £250,001 and £925,000 – This range captured most second-home purchases and led to the biggest impact.
15% on properties between £925,001 and £1.5 million – High-value buyers saw significantly increased charges.
17% on properties over £1.5 million – Luxury second homes now attract the steepest SDLT rates.
The threshold reduction meant SDLT began applying sooner for many buyers. However, those who planned carefully — often with the help of property advisers — were able to manage their costs more effectively.
Can you claim back stamp duty on a second home?
Yes. The refund rules for those temporarily owning two homes have remained in place. Buyers who purchased a second home before selling their main residence still needed to pay the higher surcharge upfront. However, if they sold their previous home within 36 months, they became eligible to apply for a refund of the additional SDLT.
To qualify, they had to:
Sell their original home within 3 years of purchasing the new one
Submit their refund claim within 12 months of selling the old home
What the market has seen since the changes
The process has continued to be handled by HMRC, with most refund claims processed within a few weeks. Since April, many buyers have adjusted their purchasing strategies. Some have looked to lower-value regions or reconsidered buy-to-let investments, while others accelerated transactions before the new rules took effect. Overall, the reforms have slowed second-home purchases slightly, but demand for coastal and countryside retreats has remained strong.
Get expert advice
Buying a second home is a big financial commitment, and new SDLT rules make understanding your costs more important than ever. If you’re unsure how these changes affect your plans, speaking with a property expert can help.
Contact your local Ellis & Co branch today for personalised advice on buying a second home in 2025 or browse the latest investment properties for sale.
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