How Much Stamp Duty on a £375,000 Property?

As you are probably aware, stamp duty is payable on most property purchases in the UK and the amount payable is dependent on a few criteria – the main one being the cost of the property that you are buying and also whether the property you are purchasing is your main or only home, or whether it is a second or additional home.

You will need to liaise with your conveyancer for full clarification of which level of stamp duty that you need to pay but you can calculate the amount due yourself.

So if you are purchasing a property that costs £375,000 then you may wish to know how much stamp duty is payable on that purchase.

Main Home

For anyone who is purchasing their main or only home (this includes when you are replacing your main residence with this purchase but you do own other properties) then the amount payable for the transaction is £6,250 (updated September 2022).

The way that this is calculated is as follows:

5% of the amount between £250,000 and £925,000 – so in this case 5% of £125,000 (375,000 less 250,000) = £6,250

Second Property

If you are buying a second property then you need to add on an extra 3% of the total purchase price i.e. 3% of £375,000 = £11,250

So add this on to the £6,250 and you have a total stamp duty amount for second properties of £17,500.

There are a lot of rules about second properties and the stamp duty payable so you do need to consult your solicitor or HMRC if necessary.

You can calculate your own stamp duty payable by using our online calculator if you are not sure exactly how much you will be paying for a property. Check it out here.

Other Factors

If you are a first time buyer then you may be entitled to a reduced rate of stamp duty on your property purchase – you can find details of that here.

These figures do not take into account any temporary suspension of stamp duty that may be in force.
How Much Stamp Duty on a £375,000 Property?

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