Rishi Sunak annouced today in his mini budget great savings up to £500,000 for all buyers up to £925,000 till March 2021.
How much will I save?
At £250,000, a first-time buyer was already off the hook for stamp duty but a mover would pay £2,500. They will now pay nothing.
If you are a first-time buyer spending £495,000 on a home, you will not pay any tax now and stand to save £9,750; a mover spending the same sum would save £14,750. At £600,000, you will pay 5% on the portion above £500,000. Your bill will be £5,000 – £15,000 less than under the old rules.
An investor spending £250,000 on a property will save £2,500, while one spending £495,000 will save £14,750.