Taylor Scott International News
Buyers in the UK have collectively saved £1.9 billion since stamp duty was reformed in December last year, according to new research. An analysis of the figures by conveyancing services firm My Home Move says that buyers saving an average of £1,500 each since the reforms. Stamp duty reforms which were announced on 04 December 2014 abolished the old slab system of stamp duty and benefited anyone purchasing a home priced under £937,500. The firm also said that a recent poll of estate agents showed that 87% said that last year’s stamp duty changes have had a positive impact on the market. According to Doug Crawford, chief executive officer, the big winners from the changes have been the first time buyers and second steppers who have really struggled from price hikes due to a lack of housing stock. ‘Cheaper stamp duty bills don’t fix all the problems facing these buyers, but they do help by making it easier to save for a deposit,’ he said. He pointed out that the old slab system was ripe for reform as it was creating a stranglehold over the market, especially where property prices neared the stamp duty thresholds, and in particular around the £250,000 mark. ‘Home buyers have benefited from the significant stamp duty overhaul during the last 12 months with each buyer saving an average of £1,500, a much needed boost for those struggling to get on the housing ladder as prices have risen by 6% during the last year. Thanks to the reforms, people are now able to sell their homes for a truer value,’ Crawford explained. ‘However, as with all reforms there are those who have lost out from the changes. There are a small minority of buyers who are looking for luxury homes or expensive London properties which now command up to 12% in stamp duty,’ he said. ‘With a slowdown now being felt towards the top end of the market, it could cause a worry for the Government as receipts from stamp duty start to fall. However, following last week’s announcement of a 3% stamp duty surcharge for buy to let investors, any deficit could be offset from April,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
