There has been some changes, and a lot of headlines, recently about Stamp Duty – how it works, who it impacts and how much homeowners have to pay.
To help you in your search for the perfect home, we’ve broken down everything you need to know.
What is stamp duty?
Stamp duty land tax is a lump sum payment those buying a property or piece of land over a certain price have to pay. The rate a buyer has to pay varies depending on the price and type of property, but generally you would expect to pay more stamp duty the higher the property is worth.
Stamp duty rates are different in Scotland and Wales.
How much stamp duty do I have to pay?
The threshold at which stamp duty must be paid to £250,000. That means any home-buyers purchasing a property under £250,000 will not pay any stamp duty. Property purchases over £250,000 will only be taxed on their value above that amount.
For first time buyers, the threshold is £425,000. First time buyers will pay no stamp duty on the first £425,000 of the value of their home, then at the relevant rate of 5% on the remaining amount, up to £200,000.
How long will it last?
In his Autumn’22 statement , the Chancellor confirmed the current stamp duty rules will remain in place until 2025.
If you are interested in purchasing a new home, and would like to discuss what the stamp duty holiday could mean for you, get in touch with our sales team on 020 7182 8030 or email@example.com