Fri 05 Dec 2014 View all news articles

Stamp duty - what it means for you and the Wirral property market

You will be aware by now that the stamp duty rate has changed, allowing for a lower rate for some 98% of home buyers. This is fantastic news for the vast majority of those wanting to buy a property. Karl Tatler, Managing Director of Karl Tatler Estate Agents, explains a bit more about the stamp duty change and what this could mean for you...

"The Chancellor's change in Stamp Duty rates this week is one of the most positive changes in the housing market for quite some time. We have said for a long time that the previous way of calculating stamp duty was very unfair and created extremely difficult price zones to sell in just about every price threshold."

"The new scale of charges has removed these zones and has ensured that just about every sale below £925,000 will attract less stamp duty, however the most significant cost reduction is at the lower end of the price range."

"For example, a buyer purchasing a house at £130,000 would have been required to pay £1,300 in stamp duty before the change, now you will only need to pay £100. This significant change should help first time buyers to enter the market."

"A property selling at £260,000 would have attracted a stamp duty charge of £7,800, the new charge is £3,000."

Stamp duty breakdown

"We have already seen an immediate change in people's behaviour. We have seen an increase in first time as well as second time buyers registering with us this week, many of which explaining that it was simply the stamp duty change that has now given them the confidence to enter the market. Based on the value of our stock, a massive 90% of our Wirral properties will benefit from the stamp duty change."

This change has resulted in a big increase from interested buyers. So, if you are thinking about putting your property on the market now really is a fantastic time to book a market appraisal. If you would like to know how the new stamp duty rates affect you personally then please contact any of our offices and we will be delighted to help you.

National Landlords Association welcomes Stamp Duty reform
Government to introduce cuts to stamp duty for nearly all home buyers
Government plan to boost affordable house building

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Calculate Your Stamp Duty

If you have any questions or queries about stamp duty, please contact your local branch. We are always happy to help!

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