You will pay Stamp Duty on properties costing more than £250,000 for residential properties, unless you’re a first-time buyer. Eligible first-time buyers will now pay no stamp duty on properties costing up to £425,000, and the value of the property on which first time buyers can claim relief will increase from £500,000 to £625,000.
Stamp Duty rates as announced in the mini-budget on 23 September 2022 will remain the same until 31 March 2025.
If you’re buying a second home, you’ll still pay an extra 3% Stamp Duty on properties costing more than £40,000 at the relevant rate at that time.
This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.
If you’re buying a property in Scotland, you will pay Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT) instead of Stamp Duty.