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Should I Buy A House Now The Stamp Duty Holiday has ended?

Reasons to choose Wilson Browne

As today marks the last day of the recent stamp duty holiday, introduced to help buyers whose finances were affected by the Coronavirus pandemic, many families will be considering whether they should still think about moving.

What are the rates going forward?

As the “holiday” period has now ended SDLT rates will return to their current levels before the pandemic.

Below are the SDLT rates from 1st October 2021.

  • £0 – £125,000 = 0%
  • £125,001 – £250,000 = 2%
  • £250,001 – £925,000 = 5%
  • £925,000 – £1,500,000 = 10%
  • £1,500,000 + = 12 %

Are there any other reliefs for Stamp Duty?

First time buyers are still eligible for Stamp Duty Relief. If you are a first time buyer and are buying a home that costs less than £300,000 then you will not need to pay stamp duty.

If you are purchasing a property with a value over £300,000 you will only need to pay SDLT on the value above the £300,000 .

However if the property is above £500,000 you will not be entitled to any relief and will pay SDLT at the normal rate.

More information for first time buyers can be found in our Top 10 tips for first time buyers.

If you are purchasing more than one property in a transaction, and are a taxpayer you may be eligible for Multiple Dwellings Relief (MDR) for Stamp Duty. Details of which can be found here.

Get a quote

If you’re still thinking of moving but are unsure of the new SLDT rates or the conveyancing costs, our online quote calculator will give you a quick estimate in a few easy steps.

The price we give is a true and fair reflection of the costs: no attention-grabbing headline prices that escalate as ‘extras’ get added on.

Instant Quote Calculator

 

Jenny Woodruff

Posted:

Jenny Woodruff

Partner

Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.