The stamp duty threshold for first-time buyers is currently set at £425,000. The threshold was increased in 2022, and was due to fall in March 2025.
What is Stamp Duty and Who Needs to Pay It?
Stamp Duty Land Tax (SDLT) is a tax you need to pay if you buy a property or land over a certain price in England and Northern Ireland.
You pay the tax when you:
Buy a freehold property
Buy a new or existing leasehold
Buy a property through a shared ownership scheme
Take on a mortgage or buy a share in a house
The amount of stamp duty you owe depends on the cost of the property, whether it will be used for residential purposes or not, and whether you own any other property.
How Much Is Stamp Duty?
Buyers of homes worth less than £250,000 don't pay stamp duty. The threshold is £425,000 for those buying their first property.
£0-£250,000 (£425,000 for first-time buyers) = 0%
£250,001-£925,000 = 5%
£925,001-£1.5m = 10%
£1.5m+ = 12%
If you already own a residential property worth £40,000 or more, and you buy another (or a part of one), you have to pay an additional 3% on top of the rates above.
When Do You Have to Pay It?
You have 14 days to pay stamp duty from the date of completion in England and Northern Ireland. If it takes longer, you could face a fine or be charged interest on the duty you owe.
How Do You Pay It?
House buyers often pay via their solicitors, but you can also pay directly online, or by cheque or cash in many banks. It is also possible to add stamp duty to mortgage loans and increase your debt to cover the cost of the tax, but you could end up paying significantly more in interest payments.
Buy-to-Let Investors who are keen to avoid Stamp Duty in the UK typically tend to focus on lower priced investments in order to avoid Stamp Duty.
Belgrave's current portfolio has several options on zero or low-level stamp duty properties.
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