How to upgrade your home to maximum effect using stamp duty savings

Set up a home office with stamp duty savings.

Changes to stamp duty mean it will now only be payable on property purchases above £250,000, while first-time buyers will pay tax on purchases starting at £425,000. This move can save the average homebuyer £2,500, while first-time buyers stand to save up to £8,750.

These savings will allow for significant improvements to new homes, to add value to the property, and reduce energy costs in colder winter weather, during the current cost of living crisis.

With the average homebuyer saving £2,500, this could be used to install a brand new home security system and burglar alarm at a cost of £525. 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 could also use stamp duty savings to pay for a professional painter and decorator to revitalise the home at a cost of around £400 per room, and pay for a full deep clean of the property for around £140.

Homeowners can install smoke and carbon monoxide alarms throughout the home for a cost of £125, before turning attention to the exterior and paying for the guttering to be cleaned for about £100.

With an eye on energy efficiency as the cost of living spirals, owners could pay around £90 for a fully-certified boiler service.

Alternatively, use the £2,500 to cover the vast majority of the cost of installing a brand new boiler which averages around £3,000.