Great news for First Time Buyers!

Statons September Newsletter

nick statonGreat news for First Time Buyers!

Following the government mini-budget on Friday, Chancellor Kwasi Kwarteng, announced permanent changes to cut stamp duty tax, (Stamp Duty Land Tax – SDLT), in England and Northern Ireland, the change comes into effect for properties completing on or after 23rd September 2022.

The amount of stamp duty a buyer pays depends on the purchase price of the property. Friday’s change affects the point at which stamp duty is paid and was doubled from the £125,000 prior to Friday, now it’s from £250,000.

According to the chancellor, the changes should remove 200,000 people from having to pay stamp duty.

The new rates are:

Up to £250,000 – Zero

The next £675,000 (the portion from £250,001 to £925,000) – 5%

The next £575,000 (the portion from £925,001 to £1.5 million) – 10%

The remaining amount (the portion above £1.5 million) – 12%

The chancellor added discounted stamp duty for first-time buyers.

First Time Buyers

If you’re buying your first home you can claim a discount (relief) so long as the property you buy is your first home. The threshold for first-time buyers has also been increased from £300,000 to £425,000.

The chancellor also increased the value of the property on which first-time buyers can claim stamp duty relief from £500,000 to £625,000.

This means you’ll pay:

no SDLT up to £425,000

5% SDLT on the portion from £425,001 to £625,000

You’re eligible if you and anyone else you’re buying with are first-time buyers.

Source –

Higher value homes

The budget not only benefits first time buyers but also offers incentives for buyers of higher value properties. A buyer spending over £500,000 on a home will now be charged £12,500 rather than the previous £15,000.

Stamp Duty Chart

Looking for your first home?

Brand New Home? Below are some great options if you are looking for a brand new property as your first property –

We have many more fabulous properties in the first time buyer price range, see here.

Nursery Row, Barnet – £595,000



Lightfield, Barnet – £445,000

Lightfield, Barnet Houses

St. Margarets Avenue, London – £525,000

St Margarets

High Road, Whetstone, London – £449,950

High Road

Coleridge Way, Borehamwood – £439,950

Coleridge Way

If you are thinking of buying or selling a property, we are happy to offer specific advice and help you plan for your next move.

Please don’t hesitate to call me.

Thank you for reading

Nick Staton – Owner Statons Estate Agents

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