22 Sep 2022

CHANGES TO STAMP DUTY LAND TAX EFFECTIVE FROM 23 SEPTEMBER 2022

The changes announced by the government will help to reduce the upfront costs for first-time buyers looking to get on the property ladder.

From 23rd September 2022, the Stamp Duty threshold for,

  • First-time buyers purchasing a residential home will be increased from £300,000 to £425,000 – helping to save thousands of pounds on their first purchase.
  • A first-time buyer also remains eligible for the First-Time Buyers’ Relief with the value now increased to £625,000 from £500,000.
  • For all buyers, the nil-rate band has been doubled to £250,000, helping all buyers to save money on their next home.

“The changes announced by the government will help to reduce the upfront costs for first-time buyers looking to get on the property ladder. This means first-time buyers have a greater selection of properties to choose from while remaining under the Stamp Duty free threshold.

East Kent remains popular with first-time buyers due to its diverse lifestyle offering, variety of housing options and broad property price ranges, as the average house sale price in the region is £356,569 (Aug 2022). This is 16.1% lower than the new first-time buyer stamp duty free threshold of £425,000 meaning buyers have a vast range of properties to choose from.

The nil-rate band doubling to £250,000 is also welcome news for sellers looking to move to a larger or smaller property, because their moving costs will also be reduced”. Rob Sabin, Sales Director at Miles & Barr

What do the Stamp Duty changes mean to buyers?

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For First Time Buyers
Tax Band New Rate
Less than £425k 0%
£425k to £925k 5%
£925k to £1.5m 10%
More than 1.5m 12%

 

For buyers who have owned a property previously 
Tax Band New Rate
Less than £250k 0%
£250k to £925k 5%
£925k to £1.5m 10%
More than 1.5m 12%

 

For further information regarding these changes, please visit

https://www.gov.uk/government/publications/stamp-duty-land-tax-reductions-for-residential-properties/stamp-duty-land-tax-reduction-threshold-changes

If you’re looking to buy your first home, speak to our Financial Services department for more information and advice regarding your mortgage application. Contact them via This email address is being protected from spambots. You need JavaScript enabled to view it.