New stamp duty rules save homeowners £701m

New data from myhomemove has revealed that in the six months since the introduction of the Stamp Duty Land Tax reforms on December 4th 2014, UK homeowners have saved £701million.

Related topics:  Finance
Warren Lewis
3rd June 2015
Cash

The changes to how stamp duty is levied cut the tax for the 98% of people purchasing homes under £937,500.

The research carried out by myhomemove illustrates the large savings made by UK homeowners since the reforms, with each house buyer below this level saving an average of £1,400.

Doug Crawford, CEO of myhomemove, comments: “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.
 
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.
 

Under the old ‘slab’ 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 homeowners 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.”
 

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.