Stamp duty rates and thresholds changes at long last!
How many times have I mentioned stamp duty on this page and at last the Chancellor has listened. Stamp duty on the purchase of property has been slashed for homes valued up to £937,500. This means that property in the lower and medium price ranges is greatly reduced and that awful catagory around £250,000 where stamp duty jumped from 1% to 3% is now history. Here is the new scale from midnight on the 3rd December 2014.
Up to £125,000 ; 0%
£125,001 to £250,000 ; 2%
£250,001 to £925,000 ; 5%
£925,001 to £1.5m ; 10%
Above £1.5m ; 12%
This means that someone buying a £350,000 property will now pay £7500 instead of £10500. Also, a property at £255,000 which would have previously cost a buyer £7650 will now be £2750. So the old saying that "you can rarely sell a house for £255,000 due to the dramatic uplift in duty" is no longer the case.
This is excellent news for our area although buyers paying over £937,500 will pay more. We wonder if that has anything to do with the mansion tax proposed by Labour and the Liberal Democrats? Couldn't be!
Now is the time to buy. Register by calling 01993 779020