POTENTIAL property buyers are now able to save up to £25,000 in stamp duty tax if they buy a property between now and March 31 next year. 

The Chancellor, Rishi Sunak, has implemented plans to increase the stamp duty threshold from £125,000 to £500,000 in hopes to keep the property market moving. 

The government has said nearly nine out of ten people getting on or moving up the property ladder will now pay no Stamp Duty at all.

The aim is to boost the housing market and the wider economy to help the UK recover from the consequences of the coronavirus pandemic.

It comes after the property market was effectively closed between the end of March and mid-May.

Rightmove have said that people enquiring about properties under £500,000  makes up 84 per cent of all buyer enquiries in England.

What is stamp duty?

Stamp duty (or stamp duty land tax, SDLT) is a tax you pay if you buy a property or piece of land over a certain price in England and Northern Ireland. 

The tax applies to both freehold and leasehold properties, whether you’re buying outright or with a mortgage.

Before the announcement, people had to pay stamp duty on homes over £125,000 or non-residential land and properties over £150,000.

The amont of tax you would have had to pay would go up as the value of the property increased.

Properties between £125,000 to £250,000 would previously have had to pay two per cent SDLT whilst properties between £250,001 and £500,000 would have had to pay five per cent tax. 

Saving: £3,800

£190,000 - Powis Square, Brighton, East Sussex BN1

This third floor studio flat is located in a sought after Regency square on Clifton Hill Conservation Area, close to Seven Dials. 

Key features include:

  • 1 studio room with separate kitchen/bathroom
  • 1 sleeping/seating area
  • 258 sq.ft.

The property is available through Brand Vaughan. 

Saving: £5,000

£250,000 - Marine Parade, Kemp Town, Brighton BN2

The Argus:

Image courtesy of Brand Vaughan

This listed lower ground floor flat is located on the seafront in the sought after area of Kemp Town.

Key features include: 

  • Minutes from the beach
  • Parking permit zone C
  • Share of freehold

The property is available through Brand Vaughan.

Saving: £16,750

£335,000 - Palmeira Square, Hove BN3

You could save £16,750 in Stamp Duty tax on this Grade II listed two bedroom flat. 

The listed Regency building is located in the historic Palmeria Square just off Hove seafront. 

Key features include: 

  • 2 bedrooms
  • 2 bathrooms
  • Bespoke kitchen
  • Oak flooring
  • No onward chain

Available through Leaders. 

Saving: £225,000

£450,000 - Verner House, Victoria Terrace, Hove BN3

The Argus:

Image courtesy of Fox and Sons

This three bedroom maisonette boasts a private garden and sea views with direct access to the beach. 

Key features include:

  • South facing garden
  • Share of freehold
  • No chain

Available through Fox and Sons. 

Saving: £23,750

£475,000 - Norfolk Street, Brighton BN1

Saving £23,750 in Stamp Duty this three bedroom cottage in one of the oldest buildings in the city could be yours. 

With exposed wooden beams, lattice casement windows this cottage is full of character and only moments from the seafront. 

Key features include:

  • Dual aspect living room
  • West facing roof terrace
  • No onward chain

Available through Fox and Sons.