Stamp Duty changes
Having been one of the single biggest barriers to a free-flowing housing market in recent years, the sweeping changes made to the Stamp Duty system in England & Wales are welcomed here at Chantries, and long overdue. The old “slab system” has been replaced with a fairer scheme, based along the same lines as income tax, where the new rates of stamp duty will only apply to the amount of the purchase price that falls within the particular duty band.
The Chancellor, George Osborne, has said that 98% of homeowners in England & Wales will pay less after the changes then they did under the old system. HMRC have provided a stamp duty calculator to help buyers and sellers here: http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm
Chantries welcome this bold move which we think will help alleviate the chronic stock shortages we have seen in recent years, by making the overall cost of moving that more affordable for most buyers. For sellers, the principle advantage is that under the old system, properties that were worth marginally more than the previous thresholds of £250,000 or £500,000 struggled to sell at anything more. The new scheme gives a house worth £515,000 a much better chance of selling at that figure.
For marketing advice and a discussion about how the changes to stamp duty might impact your property, do contact Anthony, Chris or Matt on 01483 405222.
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