How much could you save with the new stamp duty rules?
On Wednesday 8 July 2020, the government announced a stamp duty holiday to last until 31 March 2021. But what could you save if you were to buy a home now?
The stamp duty threshold is now £500,000.
This means you will not pay any stamp duty on a home up to half a million pounds. Any home over that amount will be subject to stamp duty on the additional sum. Use our calculator below to work out how much you will be saving under the new rules.
Before the new rules, any home over the value of £125,000 (or £300,000 if you are a first time buyer) was subject to a stamp duty charge. The rate you paid in terms of a percentage, increased with the value of the property. For example, this means that a house worth £350,000 would incur a £7,500 stamp duty charge.
There's never been a better time to buy a new home, whether you're a first time buyer, you already own a home, or you're buying a second home. We have 2,166 developments listed with homes starting from under the threshold, throughout the UK. Start your search here, or register for development alerts.