Stamp Duty Update - October

Stamp Duty - October update

Stamp Duty relief ended at the end of September. From October 1st 2021, first-time buyers will be required to pay stamp duty on properties over £125,000.


From the 1st July 2021, up until the 30th September 2021, first-time buyers (FTB) were not required to pay any Stamp Duty on properties costing up to £300,000, and would only have to pay a discounted rate of Stamp Duty if your property was priced up to £500,000.


For buyers who have previously owned a home, the nil rate value decreased by 50%. This means you’ll pay no Stamp Duty on residential properties costing up to £250,000 or for the first £250,000 on higher-priced properties.


Here are the new rates from October 1st 2021:

Property purchase price

Stamp Duty Rate

£0 to £125,000


£125,001 to £250,000


£250,001 to £925,000


£925,001 to £1,500,000




The nil rate band has now returned standard amount of £125,000 on 1st October 2021.

If you’re a Shared Ownership (SO) buyer, you can make a decision, known as an ‘election’ on whether to pay the Stamp Duty in full or in stages. If the share you buy is valued at less than your nil rate value, this means you won’t need to pay stamp duty until you reach an 80% share.

It's important to remember, the rate of SDLT which applies to your property depends on the date that you complete your property purchase and not the date that you exchanged contracts.

Your solicitor can provide more detailed advice when you are in the process of buying a home. To begin your new home-buying journey, you can register your interest online or contact our Sales Enquiries Team for further information at 020 3815 2222.

Alternatively, for more information or to work out an estimate towards how much tax you may need to pay, you visit the Gov.UK website SDLT calculator

Friday 5 March 2021

As part of the budget statement this week, the government have announced the extension of the Stamp Duty Land Tax holiday on homes up to the value of £500,000 to the end of June. The extension meant that home buyers completing a purchase on a main residence costing up to £500,000 before 30 June 2021 were not required to pay stamp duty.

From the end of June to the end of September, the nil rate band was set at £250,000 before returning to its usual level of £125,000 from October 1.

The measure, originally announced as part of a 'plan for jobs' designed help kick-start the economy from the Coronavirus imposed lockdowns could save first-time buyers up to £10,000 and second steppers and other home buyers as much as £15,000, making the cost of buying a home more affordable.

House and keys. Credit: Tierra Mallorca

At NHG, our aim is to help buyers make their move smoothly and quickly but this news will be welcome for those requiring a little extra time to complete their home purchase.

Notting Hill Genesis have appointments available for five days a week across all our developments, make the most of this tax break and take the first steps to making your move by visiting and registering your interest or contact our Sales Enquiries Team for further information at 020 3815 2222