Stamp Duty Change- Good News all round!
George Osborne’s announcement means that Stamp Duty is now graduated. This is fantastic news and will benefit the majority of people.
The new system will benefit both buyers and sellers
- First Time buyers Can now potentially afford properties of a higher value, particularly around the £250,000 mark. A house purchase of £260,000 used to incur a massive £7,800 (3%) duty. Now this figure is only £3,000 a huge saving of £4,800.
- Sellers with houses currently valued at the old thresholds. Before, a property valued at £260,000 would usually be put on the market at £250,000, due to the higher stamp duty. Now this isn’t the case, sellers will hopefully achieve higher prices
At Stuart Thomas, we keep up to date with the latest regulations, meaning we can give you informed advice when buying or selling your property.
Please contact us for friendly professional advice and an up to date valuation of your property.
|Purchase price of property||Rate of SDLT (percentage of portion of purchase price)|
|£0 – £125,000||0%|
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1.5 million||10%|
|Over £1.5 million||12%|