Stamp duty

Stamp Duty cuts have been confirmed: home buyers could save thousands!

Published September 23 2022
1 minute read

Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut.

Here are the facts:

  • The level at which people begin to pay property tax is doubling from £125,000 to £250,000. Saving home buyers £2500 if purchasing a home above £250,000.

  • First-time buyers will not have to pay Stamp Duty for properties worth £425,000 and less. Meaning they could save £6250 if buying at £425,000 and up to £11,250 if buying over £500,000 up to a maximum of £625,000. 

  • In addition, the government is allowing first-time buyers to access 5% Stamp Duty when purchasing a property costing up to £625,000 (rather than the current £500,000). 

The government says that doubling the nil-rate band will enable up to 29,000 more people to move home each year and could save home movers and first-time buyers thousands!

Contact your local branch to find out how you can benefit.