It is the perfect time to buy your new home as the Government has announced a stamp duty holiday* across England and Northern Island.
As long as you complete your purchase before 31 March 2021, you will only pay stamp duty on any amount over £500,000 even if you are not a first time buyer.
This means that you can save up to £15,000 when buying a new home.
Stamp duty is a tax that is payable when you buy a home or a piece of land worth £125,000 or more in England and Northern Ireland.
The amount of stamp duty that you need to pay when buying a house is based on a tiered pricing scale, similar in principle to income tax.
If you are a first-time buyer, you do not have to pay any stamp duty on the first £300,000 as long as the purchase price of the house is not more than £500,000.
During the stamp duty holiday period, the rates that you will be liable for when purchasing a new home will be as follows:
|Purchase Price||Stamp Duty %|
|£500,001 to £925,000||5%|
|£925,001 to £1.5 million||10%|
*For full details please click here