Stamp duty relief for first time buyers
Updated: Apr 6, 2022
Stamp Duty Land Tax (aka SDLT or just “stamp duty”) is a tax you have to pay when you buy any UK property worth £125,000 and up.
From July 2021 there’s a reduction for homes up £500,000.
Stamp duty is one of those costs you can easily forget as a first time buyer – along with things like valuation fees, legal fees and property survey costs. To get an idea of how much this could cost you see the stamp duty calculator here for property in England and Northern Ireland.
If you’re buying in Scotland, there’s a different system called Land and Buildings Transaction Tax (LBTT).
If you're buying in Wales there's a third system called Land Transaction Tax (LTT).
When you’re gathering your savings and thinking about your deposit, make sure you budget for all the other costs of buying a new home too.