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Stamp Duty Land Tax changes result in huge savings for homeowners
In December 2014 major reforms were made to the way Stamp Duty Land Tax (SDLT) is calculated. Six months on, homeowners are reaping the benefits of that as the UK’s leading provider of mover conveyancing services reports savings of £701million*.
“These really are astonishing figures,” comments Sarah Brooks, Partner and Head of the Residential Conveyancing team. “The changes introduced meant that those people looking to buy a house for less than £937,500, which covers a large segment of those looking to buy a home, had the tax cut dramatically. The changes were particularly crucial to first time buyers who could use that money towards their deposit, and home owners who fall into this bracket made an average saving of £1,400 per house purchase.”
Sarah concludes, “The last six months have certainly been interesting, and we have seen a real fluctuation in the market. In the New Year we were extremely busy with people buying and selling their properties, and then in the lead up to the election things quietened down as people waited to see which direction the property market would head next. Now that we are post-election we’re finding that people are looking to move into their new home before the summer holidays, and so we are experiencing another boost in purchases and sales.”
If you’re looking to buy or sell your home, you can contact Sarah or the other members of the conveyancing team on 01329 222097 or visit their section of the website here.
*This is derived from management information on myhomemove’s customers’ property purchases between 4th December 2014 – May 31st 2015, combined with information on its market share.
This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice. All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.