The government has announced that the stamp duty cuts will remain in place until 2025. Thanks to the new guidelines, if you’re moving home, you may be exempt from paying stamp duty charges.
Firstly, what is stamp duty tax?
Stamp duty tax is a tax you pay when you buy a property over a certain price. How much you pay depends on the value of the property you’re buying. It also depends on whether you’re buying your first home or your next home (more on that below).
What does this mean for first-time buyers?
For first-time buyers, the threshold before stamp duty is paid has been raised to £425,000. This means that those looking to purchase their first home won’t need to pay any stamp duty on homes that cost £425,000 or less.
Property price New stamp duty charges
| Property price | New stamp duty charges |
| £100,000 | £0 |
| £200,000 | £0 |
| £300,000 | £0 |
| £400,000 | £0 |
| £500,000 | £3,750 |
| £600,000 | £8,750 |
| £700,000 | £22,500 |
| £800,000 | £27,500 |
What does this mean for next-home buyers?
For those buying their next home and looking to either upsize or downsize, the threshold before stamp duty is paid has been raised to £250,000. This means that those looking to purchase their next home won’t need to pay any stamp duty on homes that cost £250,000 or less.
Property price New stamp duty charges
| Property price | New stamp duty charges |
| £100,000 | £0 |
| £200,000 | £0 |
| £300,000 | £2,500 |
| £400,000 | £7,500 |
| £500,000 | £12,500 |
| £600,000 | £17,500 |
| £700,000 | £22,500 |
| £800,000 | £27,500 |
What now? Well…the good news is you’ll pay less tax when buying a house. And the even better news is, we have your dream home waiting for you – find a new home here.
