On 23 September 2022, the chancellor, Kwasi Kwarteng, announced that the threshold for stamp duty changed with immediate effect. This comes as good news for a greater number of first-time buyers, helping to ease the burden caused by increased house prices, rising interest rates and mortgage costs.

How much stamp duty will I pay?

The key changes that have been made are as follows:

  • Purchases below £250,000 will be SDLT-free (doubled from £125,000)
  • First-time purchases below £425,000 will be SDLT-free (increased from £300,000)
  • Additional relief for first-time buyers up to purchase prices of £625,000 (increased from £500,000)

The changes are permanent and are expected to enable up to 200,000 people across England and Northern Ireland to avoid paying stamp duty altogether.

If you want to know how much SDLT you would need to pay, you can use the Money Helper Stamp Duty Land Tax (SDLT) Calculator.

Property Solicitor Near Me

To find out more about how this may affect your purchase, or if you are looking for a quote for moving house, please do not hesitate to contact the Property team at Gordons Partnership, who would be happy to assist.

Call us on 01483 451 900 (Guildford), 020 7421 9421 (London), email sols@gordonsols.co.uk or fill in this contact form.