How much stamp duty is payable on a property with a purchase price of £425,000?
When you purchase a property in the UK you will need to pay stamp duty on that purchase which is an additional cost that needs to be taken into account when the purchase goes through.
The amount of stamp duty payable depends on the cost of the property transaction and can be calculated using our stamp duty calculator.
If you are buying a property worth £425,000 then the amount of stamp duty payable depends on whether this is your main property purchase or if it is a second or additional property for which there is a higher rate payable.
There are some quite complicated rules surrounding the first and second property definitions so you should consult your solicitor if you are in any doubt and they should be able to advise you.
Main Property Stamp Duty
For those who are buying a property as a main home then the standard rates apply and the amount payable would be £8,750 (figures updated for the September 2022 changes).
Second Property Stamp Duty
If you are buying a property that is classed as a second home then you will need to pay an additional 3% on the purchase price which brings the total payable up to £21,500.
Stamp Duty needs to be paid within 14 days of the completion of the transaction (according to current rules) and is usually paid through your solicitor although it is possible to pay it yourself.
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.