Stamp Duty Changes To Benefit Buyers

News

03 December, 2014

A Property Expert at Forbes Solicitors has welcomed the changes to Stamp Duty announced today.

As of midnight, rather than stamp duty being paid on the whole of the purchase price of the property, it will be applied gradually -

  • Nothing on the first £125,000
  • 2% on the portion up to £250,000
  • 5% on the portion up to £925,000
  • 12% on everything above that

Michelle Thompson, Head of Conveyancing at Forbes Solicitors comments, "This is great news for majority of those buying properties worth more than £125,000 and many people will see savings.

For example, on a property purchase for £260,000 stamp duty would have been £7,800, however under the new system stamp duty on the same purchase price is reduced to £3,000. It is welcome news that the Government are easing the burden on home buyers."

The Chancellor, George Osborne estimates 98% of home buyers will benefit. It is to be hoped that this will have an impact on the housing market, and assist those people that were struggling, either to get on the property ladder or those seeking to move up the ladder , but were being hampered by significant additional cost of paying the Stamp Duty.

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