How much can I save?
Under the current holiday, which was introduced in September 2022, there is no stamp duty to pay on homes worth £250,000 or less, as long as you’re buying the home to live in as your only residence and you’ve owned a home before. For first-time buyers, there is an even higher threshold of £425,000 before stamp duty is due.
This means that if you’re a first-time buyer purchasing a new Bellway London home for £425,000, you’ll not pay a penny in stamp duty if you complete your purchase before 31st March 2025. However, if you purchase after this date, your stamp duty payment will be £6,250.
For home-movers looking to purchase a new Bellway London property valued between £250,000 and £925,000 before 31st March, you'll save £2,500. After the deadline, these costs will jump to at least £11,250.
Key information
Home-movers
Home value: £310,000
- Stamp duty costs: £3,000 (before 31/03/2025) or £5,500 (after 31/03/2025) – a saving of £2,500
Home value: £425,000
- Stamp duty costs: £8,750 (before 31/03/2025) or £11,250 (after 31/03/2025) – a saving of £2,500
Cost savings in detail
Potential cost savings when you complete your purchase before 31st March 2025...*
What is stamp duty?
Stamp duty – also known as stamp duty land tax (SDLT) – is a sum of money that is paid to HM Revenue and Customs (HMRC) upon the purchase of a property, whether it’s a new build or existing home. What you’ll pay, or whether you’ll pay at all, is conditional on the final property purchase price and your status as a buyer.
A stamp duty land tax return must be filed, and any due stamp duty paid within 14 days of completion on your home, and this is typically arranged by your solicitor.
For more information, read our FAQs or visit the gov.uk website.
Stamp duty FAQs
What is the 2024 stamp duty rate for first-time buyers?
- Property value up to £425,000 = 0%
- £425,001 to £625,000 = 5%
- £625,001 and above = Homeowner rates apply; please see previous dropdown.
What will the stamp duty rate be from 1st April 2025 for current homeowners?
- Property value up to £125,000 = 0%
- £125,001 to £250,000 = 2%
- £250,001 to £925,000 = 5%
- £925,001 to £1,500,000 = 10%
- £1,500,001 and above = 12%
What will the stamp duty rate be from 1st April 2025 for first-time buyers?
- Property value up to £300,000 = 0%
- £300,001 to £500,000 = 5%
- £500,001 and above = Homeowner rates apply; please see previous dropdown.
Who pays stamp duty?
Stamp duty applies to buyers who fall under a specific set of circumstances, usually based on the price of a property. However, there are exceptions to this. If you’re a first-time buyer, you will only pay stamp duty if the home you’re purchasing is above the value of £425,000 in England. For buyers changing homes, any home in England over the value of £250,000 will require a stamp duty payment. If it’s an additional home that you’re purchasing, you’ll pay an even higher percentage of stamp duty – usually an additional 3% on top of the standard payment.
Is stamp duty different on new builds?
Stamp duty rates for new-build homes are no different from those of existing properties. However, the way they are calculated is different, due to the inclusion of land, property rate, and any optional extras you choose to have. Fixtures and fittings – such as a new kitchen – are included in this. This means that if your home costs £240,000 but you spend £12,000 on extras, your home will fall above the stamp duty threshold (if you’re not a first-time buyer). You will then pay 5% stamp duty on the £2,000 above £250,000 – which, in this case, would be £100.
When do you pay stamp duty?
A stamp duty land tax return must be filed and the tax paid – usually by your solicitor – within 14 days of completion on your new home. If you fail to meet this deadline you may be charged interest and penalties. If no stamp duty is due, you will still need to complete a return, unless the purchase price of the property is less than £40,000.
How much is stamp duty on a second home?
If you are buying a second home, or a buy-to-let property, then you will not pay stamp duty on the first £40,000. For everything above that amount you will pay an extra 5% above standard rates.
Explore our homes
View all homes ›*Source: gov.uk. Click here for details.