Stamp Duty Rising For Over A Third Of Buyers Over Five Years

Stamp Duty Set To Rise For Over A Third Of Home Buyers In The Next Five Years

According to economists, changes in stamp duty are poised to increase housing prices. In particular, stamp duty is set to rise for over a third of home buyers in the next five years. This is a surprise change that is likely to improve the housing market.

Most experts anticipate that this redesign in stamp duty will be better for existing owners than it is for buyers, in the middle of the attempt to complete sales of houses worth £2 million and over. It will lead to an increase in prices for properties where the tax will be reduced. New home buyers will be charged 2% on costs between £125,000 and £250,0000, and they will pay 5% on any portion between this threshold and £925,000. Up to £1.5 million they will pay 10%, and anything above it will incur a payment of 12%.

Osborne claims that the changes to the scheme will benefit around 98% of home buyers. His stated aim is to make it easier for people in low and middle-income homes to afford to buy new homes.

Stamp duty will be lower for anyone who is paying less than £937,000, but we can still expect further house prices rising as a result of the change.

Quick Move Property Ltd trading as PropertyBuyer.co.uk

The Old Bank, 259 London Road, Hadleigh, Essex, SS7 2BN

T: 0800 246 1188
T: 01702 742 111

Important: Whilst we make every effort to complete in a quick and reasonable timescale, there are sometimes circumstances that might affect the actual completion date, and in extreme circumstances our ability to purchase. Any initial offer made is provisional and will only be confirmed once we are in receipt of a survey, and the searches and contracts are deemed satisfactory by our legal team. Other factors may affect our decision to purchase, or affect the price we eventually agree. Over recent years financial turbulence and market forces from both inside the UK, Europe and the rest of the world have caused extreme price fluctuations in the UK property market. Property law is such that until exchange of contracts takes place with the legal representatives the transaction is not legally binding. Prior to a legal exchange of contracts we can rescind the agreement at any time if we have any knowledge or we are advised that the property is not as initially described and/or anything comes to light that may have affected its value. Alternatively, the purchase price may be renegotiated by mutual consent. In the event we rescind the agreement then all legal aborted costs, disbursements and survey fees in the transaction will be met by us. We strongly advise not to commit to any expenditure or completion dates until legal exchange has taken place.

Stamp Duty Set To Rise For Over A Third Of Home Buyers In The Next Five Years