Stamp Duty Reform

George Osborne has announced significant changes to the amount of Stamp Duty you will pay when purchasing a home.  The good news is that it will mean paying less for the majority of purchasers.

Stamp duty will now be calculated in a stepped process, with rates applying to part of the property price that falls within each band.  Before this change if purchasing a property at £130,000, the amount of stamp duty you would have been required to pay was £1300.00, however following this change the amount payable is £100, a saving of £1200.00.

Fantastic news for the local property market.