The Government has increased the lower stamp duty threshold to £500,000, saving you up to £15,000.
The stamp duty holiday means anyone buying a property below £500,000 in England won't need to pay stamp duty until 1st April 2021. This applies to both first time buyers and those moving on from an existing home alike.
The amount you could save depends on the value of your new home. Take a look at our examples below for more details.
If you're buying a new home over £500,000, you'll need to pay Stamp Duty Land Tax charges. The amount you pay increases on a sliding scale, but you'll still pay less than before the stamp duty holiday.
Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive. Find out more here.