What do the recent stamp duty changes mean?
Here’s a quick look at what’s changing and what it means for you:
- Stamp duty has made its comeback. Around 4 in 5 homeowners (that’s 83%) will now have to pay it, up from just under half.
- Why? Because the 2% rate is returning for homes priced between £125k and £250k — meaning up to £2,500 extra at checkout (and sadly, no club card points!).
- Only 17% of homeowners will dodge the stamp duty bill completely.
- First-time buyers, brace yourselves: twice as many of you (42%) will now pay stamp duty. Unfortunately, we see those buying in London and the South East will be hit the hardest.
- But it’s not all bad news — 58% of first-time buyers will still pay zero stamp duty, if keeping things under £300k.
- Altogether, the Government is expected to make an extra £1.1 billion a year from these changes. So at least someone’s happy about it…
Statistics from www.zoopla.co.uk. Disclaimer: Content correct at time of publication. This article should not be relied upon or regarded as a substitute for advice. Please check with a member of our estate agency team for the most current figures and changes.
