The answer: £0
As a first-time buyer purchasing a £350,000 property in 2025, you'll pay £0 in stamp duty.
Here's why: Under the first-time buyer relief scheme in England, you pay 0% stamp duty on properties up to £425,000. Since your £350,000 property falls entirely below this threshold, you don't owe any stamp duty at all. This is a significant saving compared to non-first-time buyers!
What if you weren't a first-time buyer?
Without first-time buyer relief, you'd pay stamp duty on the standard rates:
- £0 - £250,000: 0% = £0
- £250,001 - £350,000: 5% = £5,000
- Total: £5,000
So as a first-time buyer, you're saving £5,000 in stamp duty - a significant benefit that helps you get on the property ladder!
First-time buyer relief criteria
To qualify for first-time buyer stamp duty relief in England, you must:
- Be a first-time buyer (never owned property anywhere in the world)
- Purchase a property for £625,000 or less
- Intend to occupy the property as your main residence
- If buying with someone else, they must also be a first-time buyer
What about properties over £425,000?
If you're buying a property between £425,001 and £625,000, you'll pay 5% stamp duty on the amount above £425,000. For example:
- £500,000 property: You'd pay 5% on £75,000 = £3,750
- £625,000 property: You'd pay 5% on £200,000 = £10,000
Properties over £625,000 don't qualify for any first-time buyer relief, so you'd pay the standard rates.
Additional costs to budget for
Remember, stamp duty isn't the only upfront cost when buying a home. You'll also need to budget for:
- Solicitor/conveyancing fees: £1,000-£1,500
- Survey costs: £400-£1,500
- Mortgage arrangement fees: £0-£2,000
- Removal costs: £500-£1,500