Could you save money with the new Stamp Duty changes?

Here at Padgett’s we think the news about Stamp Duty changes is exciting news because from today buyers of property should be able to save themselves some money.

Just in case you’ve never bought a property before, within this blog post we will briefly explain what Stamp Duty is and how it may affect you.

Stamp Duty is a tax paid to the government, that is applied when buying a property – this is charged on all purchases of flats, houses, apartments, bungalows and land etc.

This tax can see property buyers paying a hefty chunk into the tax mans coffers – thankfully for most people that amount will shrink thanks to the new changes to Stamp Duty that the government have just implemented.

Stamp Duty Changes

George Osborne has recently put into place Stamp Duty Changes (image source)

George Osborne, the chancellor of the exchequer, has replaced the old ‘slab’ system of property bans with a new sliding scale which sees Stamp Duty rising steadily in line with the value of a property.

Theoretically, according to the treasury, approximately 98% of home buyers should find them selves better off and first time buyers should find it a bit easier to get on the property ladder. On the other hand, wealthy property purchasers should see a notable increase in the amount of Stamp Duty they will have to pay if buying an expensive home.

If you are considering buying a home, you may want to take a look at the information below in order to get a good idea of the new rates of Stamp Duty you will be expected to pay.

 

Stamp Duty Rate Changes:

 

Stamp Duty changes

Table of Stamp Duty changes to rates

 

If you’d like to learn more about government changes to Stamp Duty you may want to visit https://www.gov.uk/stamp-duty-land-tax-rates

If you’re looking for a property to buy, we have plenty available, you can see what’s on offer by checking our property listings. If you’ve got any questions about buying or selling procedures here at Padgett’s or have questions about how Stamp Duty could affect you, our team would be happy to help.

If you have found this blog post useful please share and support us using Facebook and Twitter by clicking the buttons below.

Alternatively sign up to our mailing list to receive our free weekly newsletter which features our latest blog post.

Once again please remember if you’ve got any questions about Stamp Duty or buying a home with us, please do not hesitate to contact us in the office or call us on 0161 787 7964

Until next time..

The team at Padgett’s