Want to sell or let a property? Book your FREE valuation today

Book Now book your free valuation
01702 343060

In an interview with The Times this weekend, the new Chancellor of the Exchequer Sajid Javid suggested there could be changes to the way Stamp Duty works, primarily to benefit first time buyers and those moving up the property ladder.

Know your Stamp Duty Tiers

How does Stamp Duty work?

Currently, all homebuyers pay Stamp Duty Land Tax when purchasing a freehold or leasehold residential property at a cost of £125,000 or more. However, first time buyers don’t pay any Stamp Duty on a property priced at £300,000 or less, and 5% on first time property purchases between £300,001 and £500,000. Full details are available here.

What are the proposed changes to Stamp Duty?

Many have taken the Chancellor’s interview in The Times to suggest that the way Stamp Duty works could change in this year’s Autumn Budget. The article hints at moving the Stamp Duty costs from the homebuyer to the seller. As a result, buying a house would be cheaper for first time buyers or those moving to larger homes, but it would be more costly for homeowners looking to downsize.

However, Javid has since announced via Twitter that these hinted changes would not be taking place, although he feels there are reforms to be made:

Is Stamp Duty likely to change in the future?

In the 2018 Autumn Budget, Stamp Duty relief for first time buyers was extended for shared ownership homes up to £500,000. So, although this year’s Budget date has not yet been confirmed, we expect housing reforms to be included. We will keep you informed of any updates.

Don’t forget, there are also other Government schemes in place to help first time buyers on the property ladder, including Help to Buy.

For more information, be sure to keep an eye on our blog or contact our residential team with any queries you may have.

We Know Your Area

Our Local Expertise Is Unrivalled In Your Area


We Know How To Win Awards

With our services you can have your cake and eat it


We Know That Size Is Important

Being one of the largest estate agents in your area does have its advantages


We Know The Personal Approach

We get to know you and your property


We Know The Property Market

Years of knowledge means our roots spread far


We Know How To Market Your Home

Making sure you look your best


We Know The Right People

Giving us a very fast turnaround to sell or let your home


We Know How To Deliver Results

Being proactive in a high paced environment

car-graphic car-graphic-small