The Zero Stamp Duty window for homes up to £500,000 in England might have closed but if you’re thinking of moving – providing you buy your home by 30 September 2021 – there are still great savings to be made.

Currently, no stamp duty is payable on properties up to the value of £250,000. For higher-priced homes you pay 5% of the amount over this threshold up to a maximum of £925,000.

From 1 October this year however, the Zero Stamp Duty threshold drops to £125,000. It means – for homes worth more than this – you’ll need to pay stamp duty at a rate of 2% on amounts up to £250,000 and 5% on amounts from £250,000 to £925,000.

Now 2% might not sound like much, but in the context of buying a £300,000 home for instance, it can amount to quite a lot. Until 30 September, the stamp duty payable on this home would be £2,500 but after this date it would double to £5,000!

If you already have a budget in mind, you can use the government’s SDLT calculator to work out how much tax you’ll pay.

If you’re considering moving home – with just a few months to go until the stamp duty threshold is lowered – acting now could potentially save you thousands, as Jacqui Egan, Regional Head of Sales & Marketing, at ZeroC explains: “This is a fantastic opportunity for home buyers at every stage of life, who are being gifted a sizeable saving.”

“There’s a real appetite for spacious, well-designed homes that provide people with enough flexible living space to work, relax and entertain. The current stamp duty savings will give buyers extra confidence to quickly make their move.”

Happily – if you’re a first-time buyer – the above thresholds don’t apply. Indefinitely from 1 July this year you only need to pay stamp duty on properties worth upwards from £300,000.

If you’re ready to find your dream home at ZeroC, get in touch and get moving today with no or reduced stamp duty!

 

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