< Back to blog

All you need to know about Stamp Duty this year Posted On 05 May 2021

All the dates you need to know for when the Stamp Duty Holiday ends

 

Last July, the government introduced the Stamp Duty Holiday which raised the level at which stamp duty needed to be paid to £500k, effectively removing stamp duty for a large percentage of buyers, however, the deadline of the 30th June 2021 is now fast approaching.

After the deadline, there will be a staggered return to previous stamp duty rates. This means that from the 30th June until the end of September you won’t pay stamp duty on the first £250k of the purchase price.

UK house prices have risen 7.1% over the past year, taking the average property price to £238,381 partly due to the Stamp Duty Holiday as well as the Lockdown Effect – people no longer tied to living near where they work due to homeworking, and the need for more garden and office space at home.

Further to the £250k which buyers won’t pay stamp duty on from July to September, this has actually been raised to £300k for first-time buyers. This, along with the new 5%, government-backed, deposit mortgages will see a further increase in first-time buyers and will keep the property market’s recent boom going.

From 1 October 2021, rates are due to return to normal:

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

Use the government’s Stamp Duty Land Tax (SDLT) calculator to find out how much you would pay.

For any advice regarding your home move, please contact us today.

< Back to blog

Connect with us

Recent Posts

Ready, Steady, App-tion!

The apps you need to know about to enhance your summer   ‘There’s an app for that’ is a phrase often banded about- for good reason, it really does seem these days that there is an app for just about everything. With the market flooded with competitors, it can be difficult to sort which apps …

Read more...

Dining rooms: the forgotten space

Why you need a dining room and how to decorate it   With open plan kitchens flooding the market, you could argue that the traditional dining room is losing its place.  The dining room should however maintain its established place of prestige in your home. Having a separate dining room offers a space which is …

Read more...

Father’s day gift guide

This Sunday is father’s day and if you’re struggling with gift ideas, we have you covered   GLAMPING TRIP A glamping break might be the perfect way you and your dad, or your dad and his partner, can escape the hustle and bustle of city life. The beauty of a glamping pod is that you …

Read more...

Football not taking your fancy this weekend?

Switch play and try something different   It’s Wales vs Switzerland, England vs Croatia, Indoors vs Outdoors: this weekend is set to be another glorious one weather wise and whilst the Euros are drawing you in, the great British summer is luring you out. If the pull of the outdoors is set to triumph, here …

Read more...