What Is Stamp Duty?
Stamp Duty is a land tax (also known as SDLT) that certain home buyers are required to pay to the Government when they purchase a property.
Up until recently, stamp duty had to be paid on all homes purchased for more than £125,000 (or more than £300,000 if you were a first-time buyer). The amount you paid was between 2% and 12%, depending on the property value.
How Has Stamp Duty Changed?
Originally announced on 8th July 2020, the Chancellor introduced a stamp duty holiday for buyers purchasing a main property worth up to £500,000, with the offer recently being extended until 30th June 2021. First-time buyers as well as those who are already on the property ladder are eligible for this tax relief. This means you could make significant savings of up to £15,000 if you buy a new home at this time.
How Much Stamp Duty Will I Have to Pay?
Up until the end of June 2021 there will be no stamp duty tax on properties purchased for less than £500,000 (if it is your main home of residence). You’ll find a wide choice of beautiful homes on our website that are now stamp duty exempt, and you could also benefit from additional incentives and special offers we may be promoting – it’s the perfect time to make a move!
For homes purchased for more than £500,000, you will be required to pay stamp duty on the value above the exemption threshold at a rate that ranges from 5% to 12%. You can see the different rates in the table below, or you can use the stamp duty calculator.
If you’re buying a home that will not be your main residence, such as a second home or buy-to-let property, you’ll still be required to pay stamp duty and there will be an extra 3% added to the rate.
Stamp Duty Rates
|Stamp Duty Rate|
Find Your New Home
There has never been a better time to buy! Take advantage of the stamp duty holiday and talk to our sales team about the additional ways we can help you move.