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Stamp Duty Changes for Residential Property Buyers

Stamp Duty Changes for Residential Property Buyers

In early December 2014, the UK Government announced a welcome cut in stamp duty, aimed at helping more people become home owners and something that directly benefits our property buyers.

If you are not sure exactly what the stamp duty changes means for you as a home buyer, we’ve created an overview of the key facts, and how it could benefit you when buying a Primesave Property.

  • Stamp duty no longer applies to houses priced under £125,000;
  • Houses from £125,001 to £250,000 will pay 2% stamp duty on the remaining amount ABOVE £125,000
  • Houses from £250,001 to £925,000 will pay 5% stamp duty on the remaining amount ABOVE £125,000
  • Houses from £925,001 to £1.5m will pay 10% stamp duty on the remaining amount ABOVE £125,000
  • Houses above £1.5m wil pay 12% stamp duty on the remaining amount ABOVE £125,000

To put this into practice, a 3 bed property built by Primesave Properties on our Kinnerly site, priced at £189,900 would now pay £1280.00 stamp duty (on the £64,000 which is above the £125,000 stamp duty threshold). Under the old system, buyers would have paid £1890 in stamp duty, £610 more than now.

For a handy guide of how much stamp duty you could pay on your future home, take a look at a stamp duty calculator, and how it could impact your finances.

If you are looking at a Primesave property, and would like more information on one of our sites, please get in touch on 01743 241135.

 

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