Stamp Duty Changes: How will every buyer benefit?

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Following the Government’s recent ‘mini budget’ announcement, Stamp Duty has been cut for all buyers in England, which could make the move to your dream home more affordable. Stamp Duty Land Tax, often known as SDLT or Stamp Duty, will change with immediate effect from 23rd September 2022, meaning you could instantly save thousands when purchasing your new home.

Stamp Duty for First-Time Buyers

With the new threshold now in place, first-time buyers will not have to pay any stamp duty on property purchases up to £425,000 — an increase from £300,000. Additionally, the value of a property which first-time buyers can claim relief on has also increased, meaning even more savings for those purchasing a higher priced home. This means first-time buyers could potentially save up to £6,250 when purchasing their dream home up to the value of £500,000.

Stamp Duty for Existing Homeowners

It’s not just first-time buyers who benefit from the new announcement. There will be no stamp duty to pay for any buyers purchasing a property up to £250,000 – up from the previous £125,000 threshold. So, if you’re thinking of selling your old property to make the move to an energy efficient new home, you could save up to £2,500

Stamp Duty savings in Wales

Welsh Government have also announced savings for property purchasers in Wales which will come take effect from 10th October 2022.

The good news is there will be no stamp duty to pay up to the value of £225,000 when purchasing a home in Wales – up from the previous £180,000 threshold. This means anyone buying a home costing less than £345,000 could save up to £1,575.