Thousands saved from stamp duty restructure
The recent restructure of the Stamp Duty Land Tax (SDLT) system is saving homebuyers literally thousands of pounds on the purchase of new property.
The Mortgage Advice Bureau has reported figures showing who is benefiting the most from the change from the previous “slab” system to the new “tiered” approach.
Londoners are saving on average, a massive £4,600 on their SDLT bill, followed shortly by buyers in the South East England who are saving £3,870 on average
The North of England homebuyers are seeing less benefit, but still… an extra £1,000 isn’t too shabby!
Average savings are considered to be £1,300 across the UK.
The new SDLT system was mainly aimed to benefit those buying properties between £250,000 and £300,000, which is not only the bracket for the average price of property but also where the previous method of calculating SDLT suddenly took a big increase.
The Labour government were promising even higher savings by increasing the zero rate band to properties priced at £300,000 – but this promise obviously didn’t win enough votes this time!
Figurit keep our clients informed about important factors that will affect their investments. Call today with any questions – we are happy to help.
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