Effective immediately, First-time buyers do not pay Stamp Duty on the first £425,000 of their home from 23 September 2022. Therefore, if you buy your first home for less than this, you will not have to pay stamp duty.
If you buy your home for between £425,001 and £625,000, you'll only pay 5% on that portion of the purchase price. The standard Stamp Duty rates apply to properties valued over £625,000.
In addition to the Growth Plan’s stamp duty measures, The Lifetime ISA helps buyers save money. This is a long-term savings product intended to support younger people saving for their first home, or for later life to save up to £4,000 into their account each year until their 50th birthday, receiving a 25% government bonus on those savings. Since 2017, more than 118,0000 individuals have used these accounts to help fund their property purchase.
Since 2016, more than 1.1 million new dwellings have been built in England, increasing the supply of homes.
Since spring 2010, over 774,000 households have been helped to purchase a home through government-backed schemes including Help to Buy and Right to Buy.The government operates a range of relevant schemes which make home ownership more affordable. More detail on all of these schemes and others including Right to Buy and discounted sales is available on the government’s home ownership website. The website also contains details of eligibility requirements so that people can identify the scheme most appropriate to their needs.
This is a permanent measure and will apply only in England and Northern Ireland. Stamp duty is not charged in Scotland, instead home purchasers pay Land and Buildings Transaction Tax, with rates set by the Scottish government.