Petty’s Welcomes Reform To Stamp Duty
George Osborne cuts stamp duty for 98% of home buyers in his final Autumn Statement before the general election, claiming this was a statement built on an aspiration to work, save and own a home.
In a hotly anticipated statement, George Osborne dramatically announced he is scrapping the hated stamp duty ‘slab’ system which will make it cheaper to buy any home worth less than almost £1million. With the majority of property prices in Burnley, Pendle and Barrowford being less than £1,000,000 this will be a welcome relief to purchasers bringing further positivity to the already buzzing property scene.
So, what does this mean? From midnight on 4th December, stamp duty will no longer leap at each threshold but will rise gradually, with multi-million pound sales costing much more.
He announced that there will be no Stamp Duty on the first £125,000, 2% between £125,000 and £250,000, 5% between £250,000 and £925,000, 10% between £925,000 and to £1.5m, and 12% over everything above.
Our Director, Ian Bythell said: “The stamp duty overhaul will be welcomed by those struggling to get on to the property ladder, or looking to buy a new home just above one of the old thresholds.
“First-time buyers and second steppers often see a sizeable chunk of their equity siphoned off to the Treasury which makes it harder for them to raise the deposit needed to get the mortgage they require to get on or trade up the housing ladder and so this move is one we support.”
Petty’s are members of the Relocation Agent Network, a national network of independent estate agents who are handpicked as being the best of the best in their region.