If you want to move home, it is important that you establish how much stamp duty you need to pay so that you can budget for this before making an offer.
Stamp Duty is a land tax which applies to any property purchase over £125,000 unless your property is in a disadvantaged area, where different thresholds apply.
On residential properties, Stamp Duty can range between 1-7% dependent on the purchase price of the property.
|Property Purchase Price||Rate of Stamp Duty|
|£0 - £125,000||1%|
|£125,001 - £250,000||2%|
|£250,001 - £500,000||3%|
|£500,001 - £1 million||4%|
|Over £1 million - £2 million||5%|
|Over £2 million||7%|