Just reading this morning about two people asking whether to accept offers on their houses.
One was on for £535k and has an offer for £500k. They want to hold out for the extra but seem unaware of the extra stamp duty costs. I do feel the estate agent should have said to them that they shouldn’t expect over 500k because of the stamp duty increase. It increases from 3% to 4%!
Another person was asking about an offer of £300k on a property after 50 viewings over many months on at £335k. Again if it’s the only offer you’ve had and you want to move then you are going to have to consider taking it! Whilst there’s no stamp duty issue on this one it is really something to bear in mind that an offer is better than no offer amd refusing what is a small reduction in asking price is a big risk if you don’t have lots of other offers!
|
Purchase price/lease premium or transfer value |
SDLT rate |
SDLT rate for first-time buyers |
|---|---|---|
|
Up to £150,000 |
Zero |
Zero |
|
Over £150,000 to £250,000 |
1% |
Zero |
|
Over £250,000 to £500,000 |
3% |
3% |
|
Over £500,000 to £1 million |
4% |
4% |
|
Over £1 million |
5% |
5% |