Stamp Duty Update.

Stamp Duty returned to pre-covid levels this week. You will now start paying for Stamp Duty at any price over £125,000, which has decreased from £250,000 with the last bracket of the stamp duty holiday.

The new bands are as follows: Up to £125,000 – Zero

The next £125,000 (the portion from £125,001 to £250,000) - 2%

The next £675,000 (the portion from £250,001 to £925,000) - 5%

The next £575,000 (the portion from £925,001 to £1.5 million) - 10%

The remaining amount (the portion above £1.5 million) - 12%

If you are looking to buy a second property, you will pay extra stamp duty on top of the normal percentages. For example, on a property of £480,000 you would pay the normal percentages plus an additional 3% on the first £125,000, 5% on the next and then on the remaining £230,000 you would pay 8%. If you have any questions about buying as an Investor or Landlord, call us today and we can advise you further.

If you are a first-time buyer, you won't pay any stamp duty on the first £300,000 of your new home. Then going up in the bands from there. For example, if you were buying your new home for £500,000, you would pay £0 on £300,000, then 5% on the remainder.

For any questions, please call us today and we can advise you further.

Source: Gov.UK