Stamp Duty for First-Time Buyers: Complete 2024 Guide

First-time buyers can save thousands on stamp duty. Learn about the relief available, eligibility rules, and how to calculate what you'll pay.

Waqas Sagar
Invalid Date
6 min read

First-Time Buyer Stamp Duty Relief

If you're buying your first home, you could pay significantly less stamp duty than standard buyers thanks to First-Time Buyer Relief.

Eligibility Rules

To qualify as a first-time buyer:

  • You must never have owned a property anywhere in the world
  • ALL buyers must be first-time buyers (for joint purchases)
  • The property must be your main residence
  • The property price must be £625,000 or less

First-Time Buyer Rates

Property PriceStamp Duty
Up to £425,0000%
£425,001 - £625,0005%

If the property costs more than £625,000, you pay standard rates on the entire purchase.

Comparison: First-Time Buyer vs Standard

Property price: £500,000

First-Time Buyer:

  • £0 - £425,000 at 0% = £0
  • £425,001 - £500,000 at 5% = £3,750
  • Total: £3,750

Standard Buyer:

  • £0 - £250,000 at 0% = £0
  • £250,001 - £500,000 at 5% = £12,500
  • Total: £12,500

Saving: £8,750

Important Considerations

  1. Properties over £625,000 - No first-time buyer relief at all
  2. Buy-to-let or second homes - Additional 3% surcharge applies
  3. Deadline - Pay within 14 days of completion
  4. Scotland and Wales - Different schemes apply

Calculate Your Stamp Duty

Use our Stamp Duty Calculator to get an instant calculation for your specific situation, including first-time buyer relief.

stamp dutyfirst-time buyerspropertySDLT
WS
Waqas Sagar
Verified

ACA, FCCA, FMAAT - Chartered Accountant

Chartered Accountant running a successful accountancy firm based in London. Over 18 years of UK tax experience.

Disclaimer: This content is for general information only and does not constitute professional tax advice. Tax rules change frequently. Always consult a qualified accountant for advice specific to your circumstances.Terms of use.