Autumn Budget Stamp Duty Changes: Published 22nd Nov 2017


On 22nd November it was announced that Stamp Duty is to be abolished for for all first-time buyers purchasing property of a value of £300,000 or less.

If you are a first-time buyer, we’re here to clarify the details of the changes and explain what it means for you.

What are the Stamp Duty changes?

From immediate effect, stamp duty will be removed for all first-time buyers purchasing property for £300,000 or less. What’s more for first-time buyers purchasing property priced up to £500,000 they will only pay stamp duty on the difference.

From 22nd November 2017 the new stamp duty bands and rates will be as follows:

Band Normal Rate
First-time buyers less than £300k 0%
First-time buyers less than £500k 5% on proportion above £300,000
First-time buyers more than £500k follow existing rates

What does this Stamp Duty holiday mean for the housing market?

The chancellor made a bold move to reduce stamp duty for all first-time buyers. Raising the threshold for SDLT to £300k for all first-time buyers forever will lift 80% of first time buyers out of the tax. To account for higher prices in some parts of the country, all first-time buyers buying property up to £500k will benefit from the £300k exemption. That means that 95% of first time buyers will benefit from the change.

As property prices have risen, an increasing number of first-time buyers are now paying Stamp Duty, indeed 80% paid Stamp Duty in 2017, compared to just 49% in 2007. This news will remove one of the hurdles facing first-time buyers and more movement in this end of the market is expected as a result.

What do the Stamp Duty changes mean for you?

If you are a first-time buyer the chart below shows how much first-time buyers in different areas of the country could benefit.

Impact on stamp duty for first-time buyers by location

House Price £150,000 £228,875 £365,000 £142,500 £150,000 £140,000
Old SDLT £500 £2,078 £8,250 £350 £500 £300
NEW SDLT £0 £0 £3,250 £0 £0 £0
Saving £500 £2,078 £5,000 £350 £500 £300


House Price £250,000 £190,000 £140,000 £150,000 £150,000 £200,000
Old SDLT £2,500 £1,300 £300 £500 £500 £1,500
NEW SDLT £0 £0 £0 £0 £0 £0
Saving £2,500 £1,300 £300 £500 £500 £1,500

EM = East Midlands, E = East, GL = Greater London, N = North, NW = North West, S = South, SE = South East, SW = South West, W = West, WM = West Midlands, Y&H = Yorkshire & Humberside, ENG = England


Terms and Conditions apply. Please see ts&cs for full terms and entry conditions. One-off mortgage/rent payment prize subject to a max pay out of £20,000. One-off council tax payment prize subject to a max pay out of £2,000. Proof of mortgage/rent/council tax required. Enter between Monday 6th November 2017 and Wednesday 31st January 2018 for your chance to win. Internet access required. The Countrywide Complete Property Service Prize Draw is offered by our Group Company Countrywide Estate Agents, whose registered address is Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP.

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