UK home owners save average of £1,400 on stamp duty

Taylor Scott International News

UK home owners have saved £701 million in the six months since the introduction of the Stamp Duty Land Tax reforms last December, according to new research. The changes to how stamp duty is levied cut the tax for the 98% of people purchasing homes under £937,500 with each house buyer below this level saving an average of £1,400, says the analysis from conveyancing services firm myhomemove. ‘The stamp duty reforms have saved UK home buyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the general election,’ said Doug Crawford, the firm’s chief executive officer. He pointed out that the changes have a particularly positive impact on those struggling the most to get onto the property ladder, first time-buyers, as they can now save more money towards a deposit for their purchase. He also explained that under the previous system, there was a substantial increase in price at the stamp duty thresholds, which the reforms have reduced significantly, leading to greater movement up the property ladder and enabling home owners to aspire to own properties that would have previously been unobtainable. ‘While there are losers from the changes, these are a small minority of buyers. For them, the risk of a prospective ‘mansion tax’ was far greater than the increase in stamp duty. Early signs indicate that the election result has reassured buyers of higher value properties, with many estate agents reporting a buoyant market at the top,’ added Crawford. Taylor Scott International

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