The end of the Stamp Duty holiday..what happens now?

The stamp duty holiday in England and Northern Ireland came to an end on 30th September 2021. Hundreds of thousands of house buyers have taken advantage of savings that have been on offer since the tax break was introduced in July 2020.

Since July 2021, the amount buyers have been able to save reduced. But homes priced at or below £250,000 buyers did not have to pay stamp duty.

And now it changes again. Are you aware of the new changes?

What are the stamp duty rates from 1st October?

From 1st October 2021, if you are buying a main home in England, you won’t need to pay any stamp duty on the portion of the property priced at or below £125,000.

If you’re buying a main home from 1st October 2021, you won’t pay any stamp duty on the portion of the property priced at or below £125,000. The next £125,000 to £250,000 you will pay 2% tax. Anything you spend between £250,001 and £925,000 will incur 5% tax, rising to 10% for properties priced between £925,001 to £1.5 million. If you spend above £1.5 million, you will pay 12 per cent in stamp duty tax, as below:

Stamp Duty Land Tax rates from 1st October 2021 SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

If you’re buying a property, you can work out how much you’ll pay by using the Rightmove stamp duty calculator

Tax rates are higher for those buying a second home.

Will first-time buyers pay stamp duty tax?

Great news! First time buyers in England and Northern Ireland won’t pay any tax on homes priced at or below £300,000. 5% on a property priced between £300,001 and £500,000. However if your first home is priced above £500,000 you won’t be eligible for a saving.

Still not sure on how much stamp duty you will have to pay? Our teams at Lawler & Co. are on call to help with this and any other queries you may have.

Marple Office
36 Stockport Road

Marple
Stockport
SK6 6ABTel: 0161 914 7620
marple@lawlerandcompany.co.uk

Hazel Grove Office

128 London Road
Hazel Grove
Stockport
SK7 4DJ

Tel: 0161 300 7144
hazelgrove@lawlerandcompany.co.uk

Poynton Office

60 Park Lane
Poynton
Cheshire
SK12 1RE

Tel: 01625 448 001
poynton@lawlerandcompany.co.uk

 

allAgents Awards 2019 – Lawler and Co. win again!

Lawler and Co. win allAgents Awards 2019 in the Stockport area! Going above and beyond for their customers!

After the team being recognised in the allAgents Awards 2019 for their great customer service, we thought we would tell you all just how much we LOVE selling houses, and WHY!?

At Lawler & Co, we LOVE our jobs, we really do. We love to sell houses, we love to make our vendors happy and we love to find our buyers their dream homes.

We genuinely listen to our customers to understand their needs, whether they are selling or buying.

Looking after each sale and purchase personally, communication is key – you need to feel that you are in safe hands, and we want you to be happy!

Accompanying all viewings is standard, because we know sales. We know that potential buyers feel more comfortable asking questions with an agent, rather than a home owner. We know it works.

Taking absolute pride in marketing your property in the best possible way, with fantastic photographs and prominent branches throughout Stockport.

Our teams are all experienced and with a wealth of local knowledge can advise on anything from what day the bin collection is to what are the best local schools.

As a bespoke independent estate agency with prominent branches in Hazel Grove, Marple and Poynton we don’t believe in call centres to answer your calls.  We want to offer the best personal experience from beginning to end.

Above all, we all thrive on doing a good job. When we see happy customers, we know we have done our job properly!

www.lawlerandcompany.co.uk