New stamp duty cuts create savings for buyers

September 29, 2022

New Government cuts mean first time buyers now pay no stamp duty on homes worth up to £425,000, whilst those buying their primary residence will benefit of a new raised threshold of £250,000 offering £2,500 savings. 

Announced in the Government’s mini-budget last week, the payment threshold for stamp duty has now increased from the £125,000, up to £250,000.

Buyers paying more for their property also make savings, with a lower rate of 5% stamp duty for properties from £250,000 to £925,000, a 10% rate from £925,000 – £1.5 million, and a 12% rate on higher values.

If you need to establish what stamp duty you would pay on a property, there is a useful calculator on the Government website, available here.

First time buyers now have an even higher threshold, with no stamp duty to pay on property worth up to £425,000. Further changes include increased stamp duty discounts for first time buyers, meaning they can now claim the discount on a property valued at up to £625,000.

“With the cost of mortgages continuing to increase following recent rises in interest rates, the decision to raise the stamp duty threshold to £250,000 will come as a welcome relief.

First-time buyers will find this particularly helpful, and equally, those who can afford the loan interest but find raising the capital for stamp duty a struggle.

Whilst not as all-encompassing as the stamp duty ‘holiday’ introduced in July 2020, any saving is a benefit to all those who are moving home soon.”

Managing Director, Stephen Tetlow

If you’re hoping to step onto the property ladder, now could be the time to act, with applications to the Government’s Help to Buy Equity Loan scheme closing on 31st October 2022.

The Help to Buy scheme allows first-time buyers to purchase with just a 5% deposit, the Government then lends up to 20% of the sale price, which leaves 75% for a mortgage. The 20% loan is then interest-free for five years.

If you’d like advice on what you can afford, we’d be happy to introduce you to our independent financial advisors. If you’re considering selling your property, please contact your local branch.

Help to Buy: Equity Loan: Terms and conditions apply. Applicants should seek independent financial advice, and get information and guidance on applying for a Help to Buy: Equity Loan at

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