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Stamp Duty on £700,000 Property

Calculate stamp duty on a £700,000 property

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Standard rates apply - replacing main residence

Disclaimer: This tool does not constitute financial advice. We do not recommend taking actions based solely on these results. The calculator makes assumptions and results may be inaccurate due to changes in government policy, interest rates, or personal circumstances. You use this information at your own risk. We can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. For official guidance, visit Gov UK.

Quick Answer: Stamp Duty on £700,000

First-Time Buyer

N/A

Above £625k threshold

Standard Buyer

£25,000

3.57% effective rate

Additional Property

£60,000

Includes 5% surcharge

How Stamp Duty is Calculated on £700,000

Stamp duty is calculated using tiered rates. You pay different percentages on different portions of the property price, similar to income tax bands.

Standard Buyer Breakdown

BandRateAmountTax
£0 - £125,0000%£125,000£0
£125,000 - £250,0002%£125,000£2,500
£250,000 - £700,0005%£450,000£22,500
Total Stamp Duty£25,000

Additional Property Breakdown

ComponentAmount
Base Stamp Duty£25,000
5% Additional Property Surcharge+£35,000
Total (Additional Property)£60,000

First-Time Buyer Relief

First-Time Buyer Relief Not Available

First-time buyer relief only applies to properties up to £500,000. At £700,000, first-time buyers pay the same rates as standard home movers: £25,000.

Tips for Buyers at This Price Point

  • Negotiation tip: Consider negotiating the price down slightly to reduce your stamp duty bill.
  • Budget planning: Factor stamp duty of £25,000 into your total purchase costs alongside legal fees, surveys, and moving costs.

What Can You Buy for £700,000?

At £700,000, buyers are firmly in the premium family home and executive property category outside the capital, or the mid-market for inner London. In the commuter belt counties of Surrey, Kent, Hertfordshire, and Berkshire, £700,000 delivers a spacious four-to-five-bedroom detached house with a garden in a well-served town with good schools and direct rail links to London. In London zones 3–5, this budget covers a three-bedroom flat or a two-bedroom flat in prime inner zones such as Fulham, Putney, or Barnes. Edinburgh's West End or New Town offers a substantial period flat at this price. At £700,000, the entire taxable SDLT amount falls within the 5% band in England. The £925,001 threshold that triggers the 10% rate is not reached, so no additional band complexity applies. No first-time buyer relief is available above £500,000.

Total Cost of Buying at £700,000

A £700,000 purchase requires significant upfront capital. With a 15% deposit (£105,000) plus stamp duty, legal fees (£2,000–£3,500), and survey costs, total cash requirements before moving are substantial. Most buyers at this level are either upsizing using substantial sale proceeds from an existing property, or are dual-income professional couples with significant accumulated savings. The decision between mortgage products (fixed versus variable rate, term length, overpayment options) can have a larger long-term financial impact than the stamp duty bill itself, so independent mortgage advice is recommended before committing.

Frequently Asked Questions

How much stamp duty on a £700,000 property?

For a £700,000 property in England: First-time buyers pay standard rates (no relief above £625k), standard home movers pay £25,000, and additional property buyers pay £60,000 including the 5% surcharge.

Do first-time buyers pay stamp duty on £700,000?

Yes, first-time buyers pay standard rates on a £700,000 property because it exceeds the £500,000 threshold for first-time buyer relief. They would pay £25,000.

What is the stamp duty on a £700,000 second home?

The stamp duty on a £700,000 second home is £60,000. This includes the standard SDLT of £25,000 plus a 5% additional property surcharge of £35,000.

What is the effective stamp duty rate on £700,000?

For a £700,000 property, the effective stamp duty rate is 3.57% for standard buyers and 8.57% for additional property purchases.

What are the total buying costs on a £700,000 property?

Total buying costs on a £700,000 property include: stamp duty (shown above), conveyancing fees (£2,000–£3,500), a survey (£500–£1,200), mortgage arrangement fee (£0–£1,000), lender valuation fee (£0–£700), removal costs (£1,000–£3,500 depending on distance), and miscellaneous costs such as mail redirection, utility connection, and initial furnishings (£500–£1,500). Excluding stamp duty and deposit, ancillary costs typically range from £4,500–£11,000.

How much mortgage deposit do I need for £700,000?

Most high-street lenders offer residential mortgages up to 4–4.5x household income on a £700,000 property. A 10% deposit (£70,000) may be possible with some lenders, but rates improve significantly at 15% (£105,000) and 20% (£140,000). Mortgages above £500,000 sometimes involve specialist lenders, particularly for self-employed buyers or those with complex income structures. A whole-of-market mortgage broker can identify the most suitable options across mainstream and specialist lenders.

Other Price Points

Related Guides

Note: These calculations are for properties in England and Northern Ireland. Scotland uses LBTT and Wales uses LTT with different rates.

Scotland LBTT Calculator →Wales LTT Calculator →