Stamp Duty for First-Time Buyers: Complete 2024 Guide

## 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 Price | Stamp Duty | |---------------|------------| | Up to £425,000 | 0% | | £425,001 - £625,000 | 5% | 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](/calculators/stamp-duty) to get an instant calculation for your specific situation, including first-time buyer relief.