It was in 2022, during the now-infamous ‘mini Budget’ delivered by then-Chancellor Kwasi Kwarteng, that stamp duty thresholds on residential property were raised to their current levels. It meant that, for a huge number of buyers, the tax bill dropped as the nil rate band (when you start paying SDLT) rose from \u00a3125,000 to \u00a3250,000.<\/p>\n
This was meant to be a permanent measure to more fairly reflect house prices<\/a>, which have risen significantly since the original threshold was introduced. However, incoming Chancellor Jeremy Hunt later announced that it would only be temporary – until April 2025 – after which point the previous thresholds would apply.<\/p>\n Many had hoped that the latest Budget from Rachel Reeves would see the current rates and thresholds be kept as they are. After all, the average UK property price, according to the latest figures from Zoopla, is now \u00a3267,500, with extremely few properties falling below the \u00a3125,000 threshold. It means a much larger proportion of people will need to pay stamp duty from next year.<\/p>\n Completing your property purchase on or before 31st March could therefore save you several thousand pounds – particularly if you are making a high-value purchase, or if you are buying an additional home or property investment<\/a>, which is now subject to an additional 5% stamp duty surcharge (up from 3% prior to the Budget).<\/p>\n If you’re buying a residential property as your main residence, and you’re a UK resident, the current stamp duty rates and thresholds are as follows:<\/p>\nHow are stamp duty rates changing?<\/h3>\n