Stamp duty tax has been cut in the Mini Budget

On 23rd September, Chancellor Kwasi Kwarteng announced at the Mini Budget that he is reducing (and in some cases eliminating) Stamp Duty immediately for residential property buyers. 

The levy is a tax paid over a certain price when somebody buys a house, flat or a piece of land in England, where the monies owed are based on various price thresholds, as well as where you are buying.

For non-first-time buyers, the threshold at which the tax begins has been increased from £125,000 to £250,000. The remaining thresholds have remained the same, to include those buying an additional property or a second home where there is still an extra 3% to pay on top of the relevant standard rates.

Standard SDLT Rates 

Property ValueSDLT Rate
Up to £250,0000%
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%

Whilst for first time buyers, the SDLT threshold now begins at £425,000 – previously £300,000 – in a bid to give them an extra boost onto the property ladder. The value of the property on which they can claim stamp duty relief has increased from £500,000 to £625,000.

Are you wondering how much stamp duty will now cost on our homes?

We have had a look at some of our houses for sale and worked out the new SDLT for you. Perhaps you could put the saving towards something else such as new furniture, school fees or renovation works?

Drove House, Surfleet

Total SDLT: £103,250

Drove House is  beautiful period property offering everything you might need for a quintessential English country lifestyle. The main house provides 5 generous reception rooms and a vast, newly extended kitchen dining room with 5 double bedrooms, 2 en suite, and a family bathroom whilst a recently built adjoining annex has 2 bedrooms, a large kitchen, a living room and a bathroom. With over 13 acres of land, there are paddocks, stables, an enclosed outdoor heated swimming pool, a hard tennis court, garden buildings, chicken runs, a vegetable garden as well as numerous trees and a lake supporting wildlife. Read more

Snake Hall, Moulton Eaugate

Total SDLT: £51,250

Snake Hall is a beautiful Grade II listed, Georgian former farmhouse with 5 bedrooms and 5 reception rooms surrounded by open fields. Standing on over 4.5 acres, it also provides a brick stable block with haybarn, paddocks, garages, storeroom and workshop. Built circa 1795, this red brick house is typically Georgian with its symmetric façade. Inside, the house is airy and spacious with large windows, and rooms are very generous in size with high ceilings and lovely views over the garden, and the far reaching landscape from upstairs. Read more

Bridge House, Sutton St James

Total SDLT: £32,500

Bridge House is an extraordinarily sleek, spacious, minimalist home built in 2019 which is a reminiscent of a vast, converted old barn. It has an industrial edge with its Crittal-style glazing and huge spaces contained within a combination of exposed brick and plastered walls, that include four en suite bedrooms, a spectacular open plan kitchen living room, a dining room, a games room, a cinema, a study, an adjoining double garage and a separate workshop outside. Read more

Ducks Nest, Oundle

Total SDLT: £22,500

Ducks Nest is one of the oldest properties in the historic market town of Oundle; a date inscribed on the gable end states 1637 but other parts are far older. Part of it – the current dining room – was once owned by the Knights Templar and much later, in the 16th century, Sir Thomas Tresham, a prom- inent Catholic landowner whose eldest son, Francis, was embroiled in the gunpowder plot, owned the property for a time up until 1564. Some years later, Oliver Cromwell is reputed to have stayed there, perhaps whilst it was The Anchor Inn, which it was for hundreds of years. This Grade II listed quaint stone cottage provides three bedrooms, one en suite, a family bathroom, three good-sized reception rooms and a farmhouse style kitchen. Read more

Church Street, Eastern On The Hill

Total SDLT: £25,000

This three-bedroom period stone cottage is an English classic within a very desirable village, but it the peaceful and private mature garden, intricately designed, that makes this property stand out amongst others – a paradise for those who enjoy watching the hours pass by surrounded by nature. Read more

Bank House, Sutton Bridge

Total SDLT: £13,750

Bank House is a four bedroomed 1930s house, that has been completely refurbished and modernised. The interiors are light and airy with rooms including a hallway, living room, dining room, kitchen/breakfast room, utility room, attic room and a master bedroom that has a dressing room and an en-suiteRead more

Find Out More? 

For more information about these homes, or to be kept up to date on those we will be selling in the future, contact Jan or Ildi on 01780 750 200 or 01832 808 008.

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