What is Stamp Duty?
Stamp Duty Land Tax (or SDLT) is a tax paid when buying your home. How much you pay will depend on the value of the home that you're buying, and when you buy it.
How much Stamp Duty will I pay?
As of 23 September 2022, SDLT rates have been reduced. You'll now only pay Stamp Duty if the property you're buying has a market value of over £250,000. This is double the previous amount of £125,000.
If you're a first time buyer, you won't have to pay Stamp Duty if the property is valued below £425,000. If the home is worth over £625,000, you'll pay the normal rate.
You can find out the amount of stamp duty you'll pay using the calculator on the government website.
What do the Stamp Duty changes mean for me?
The new SDLT changes could mean that you'll save more money when buying your home. So, you'll have more to spend on making your house a home.
If you're a first time buyer, now could be a great time to make your move onto the property ladder.
What if I'm buying through Shared Ownership?
If you're buying a new home through Shared Ownership, you can either pay a one-off amount based on the market value of the property, or to pay in stages. If you choose to pay in stages, you'll pay the SDLT rate based on the share you own and then pay the rest once you own over 80% of your property.
By buying a percentage share of your home and a low-cost rent on the rest, you could step onto the property ladder sooner. So, now is a great time to start your Shared Ownership journey.
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