If you’re a first-time buyer in 2024, you’re likely facing a mix of excitement and anxiety about entering the UK property market. With rising house prices, higher borrowing costs, and limited supply, every penny counts — which is why many buyers are still relying on Stamp Duty relief to make their first home purchase more affordable.
But is this tax break still a meaningful benefit in 2024? And how much can you realistically save? In this post, we explore how first-time buyer Stamp Duty relief works, who qualifies, and whether it still offers significant value today.
✅ What Is First-Time Buyer Stamp Duty Relief?
Stamp Duty Land Tax (SDLT) is a tax paid when purchasing property or land in England and Northern Ireland. To support homeownership, the government introduced Stamp Duty relief for first-time buyers, offering reduced or zero SDLT rates on qualifying purchases.
As of 2024, the rules are as follows:
0% Stamp Duty on properties priced up to £425,000
5% on the portion between £425,001 and £625,000
No relief available for homes priced above £625,000
If your property exceeds £625,000, you must pay the standard SDLT rates with no first-time buyer discount.
🧮 Example: How Much Can You Save?
Here’s what a first-time buyer might save in 2024:
Property Price: £400,000
As it’s under the £425,000 threshold, you’ll pay £0 in Stamp Duty.
A non-first-time buyer purchasing the same home would pay:
0% on the first £250,000
5% on the remaining £150,000 = £7,500
✅ Total saving: £7,500
Property Price: £500,000
0% on the first £425,000
5% on the next £75,000 = £3,750
A non-first-time buyer would pay:
£7,500 (as above)
✅ Total saving: £3,750
🧑💼 Who Qualifies for First-Time Buyer Relief?
To be eligible for this relief:
You must have never owned a property (including inherited or overseas properties).
You must intend to live in the property as your main residence.
If buying jointly, all buyers must be first-time buyers.
If any one of the buyers has previously owned property, the relief does not apply.
📊 Is It Still Worth It in 2024?
💰 Yes – especially under £425,000
With no SDLT at all on properties under £425,000, the relief remains one of the most generous home-buying incentives available. In areas where property prices fall within this range, it could mean thousands saved.
🚧 Limited in high-cost areas
In cities like London or parts of the South East, where average house prices often exceed £625,000, the relief may not be accessible to many first-time buyers. However, even a small reduction can help offset legal fees or moving costs.
🏦 Still helpful despite rising interest rates
With mortgage costs higher in 2024, the ability to save on upfront expenses like SDLT helps free up capital for deposits or renovations — giving first-time buyers more flexibility.
💡 Tips to Maximise the Relief
✅ Use a Stamp Duty Calculator to check exactly how much you’ll save.
✅ Make sure everyone on the mortgage qualifies as a first-time buyer.
✅ If you’re close to the £625,000 cap, consider negotiating the price to stay within the relief threshold.
✅ Complete your purchase before any potential policy changes are announced in the Autumn Statement or Budget.
Final Thought
First-time buyer Stamp Duty relief remains a valuable incentive in 2024, particularly for those purchasing properties under £425,000. In a market where affordability is a challenge, saving even a few thousand pounds can make a meaningful difference — and for many buyers, it could be the tipping point between renting and owning.
