Quick Answer

What Is the Stamp Duty for First-Time Buyers?

Reviewed by Jay Sabine – CeMAP, Cert CII (MP) – 29 years experience
CeMAP Professional - The London Institute of Banking & FinanceCert CII Member - Chartered Insurance Institute

First-time buyer stamp duty 2024: pay 0% up to £425,000. Between £425,001-£625,000, pay 5% on the excess only. Over £625,000, standard rates apply with no relief.

First-time buyer stamp duty relief was introduced to help people get on the property ladder. The current thresholds are: £0 on the first £425,000, then 5% on £425,001 to £625,000. If you buy for over £625,000, you lose all first-time buyer relief and pay standard rates on the entire purchase.

Key Points

  • 10% stamp duty up to £425,000
  • 25% on £425,001 to £625,000 only
  • 3Max property price: £625,000 for relief
  • 4All joint buyers must be first-time buyers
  • 5Must be your main residence
  • 6Thresholds reducing April 2025

Eligibility Criteria

  • Never owned a property anywhere in the world
  • Property must be your main residence
  • Purchase price must be £625,000 or less
  • Must be an individual (not a company)
  • If buying jointly, all buyers must be first-time buyers

Typical Timeframe

Stamp duty must be paid within 14 days of completion. Your solicitor handles the payment and filing. Current thresholds apply until 31 March 2025.

Next Steps

  1. 1Calculate your stamp duty liability
  2. 2Confirm all buyers qualify as first-time
  3. 3Budget for stamp duty in purchase costs
  4. 4Consider timing if buying near April 2025
  5. 5Speak to a mortgage adviser

Why This Matters for Your Mortgage

Understanding these details helps you make informed decisions during the mortgage process. Every element of your application—from deposits to documentation—affects your approval chances and the rates you can access.

Lenders assess applications holistically, weighing multiple factors together. Knowing what they look for allows you to present the strongest possible application. This is particularly important for non-standard situations where lender criteria varies significantly.

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Related Questions

First-time buyer mortgages
How much deposit do I need?
First-time buyer schemes
Mortgage affordability

For more detailed information about this topic, visit our comprehensive guide:

First-Time Buyers
CeMAP Professional - The London Institute of Banking & FinanceCert CII Member - Chartered Insurance Institute
Jay Sabine
CeMAP, Cert CII (MP)
29 Years Experience

Content reviewed: January 2026

CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.

First-Time Buyer Stamp Duty Rates 2024

First-Time Buyer Relief Rates
Property PriceRateNotes
Up to £425,0000%First-time buyer relief
£425,001 to £625,0005%On portion above £425,000
Over £625,000Standard rates applyNo first-time buyer relief

Example Calculations

£350,000 Property

£0

Under £425k threshold

£500,000 Property

£3,750

5% on £75,000 above threshold

£625,000 Property

£10,000

5% on £200,000 above threshold

Important: April 2025 Changes

From 1 April 2025, first-time buyer stamp duty thresholds are due to reduce:

  • Current: 0% up to £425,000, relief up to £625,000
  • From April 2025: 0% up to £300,000, relief up to £500,000

If you're planning to buy, completing before April 2025 could save you thousands in stamp duty.

Eligibility Requirements

Never owned a property anywhere in the world
Property must be your main residence
Purchase price must be £625,000 or less
Must be an individual (not a company)
If buying jointly, all buyers must be first-time buyers

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