What is stamp duty and how much do I pay?
When do you have to pay it?In Scotland and Wales you have 30 days from the point of purchase.How do you pay it?
House buyers often pay via their solicitors, but you can also pay directly online, or by cheque or cash in many banks. It is also possible to add stamp duty to mortgage loans and increase your debt to cover the cost of the tax but you could end up paying significantly more in interest payments.During the pandemic, the government announced a stamp duty holiday to help home buyers whose finances were affected by Covid. It meant no stamp duty was payable on the first £250,000 of a property.
The holiday was originally due to end on 31 March 2021, but was later extended in England and Wales until 30 June, and then again in England until 30 September.Estate agents reported a surge of interest in March 2021, as buyers and sellers rushed to complete property deals before the scheme was initially due to end., UK average house prices increased by 15.5% over the year to July 2022, up from 7.8% in June 2022.
"Other factors are so much more important, namely the race for space, low supply, accidental savings [from the pandemic] and low interest rates."