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Surprise stamp duty reforms make moving instantly more affordable

By Vince Hedges, Senior Partner December 2014

Surprise stamp duty reforms make moving instantly more affordable

Chancellor George Osborne has used his Autumn Statement to make a surprise alteration to the stamp duty thresholds. It is claimed that 98% of home buyers will now pay less stamp duty tax, putting thousands of pounds back into the pockets of ordinary house buyers across the country. Anyone buying a property for less than £937,000 will now pay less stamp duty than before and the property market immediately responded, with an influx of buyers and sellers contacting their local Robinson Jackson branch in the aftermath of the announcement.

Vince Hedges, a Senior Partner at Robinson Jackson, says the stamp duty reform is a welcome boost for movers in London and Kent: "Almost every property we sell across the group suddenly costs thousands of pounds less, which is brilliant news. For example, if you are buying a property worth £275,000, you will now save £4,500. People in our local communities will see an immediate benefit thanks to the Chancellor - including those buying just under the million pound mark. The reform is brilliant news for sellers as well, especially those whose properties have been valued at just over £250,000 or a little above £500,000 (the old thresholds where tax jumped to 3% and 4%, respectively). The new rules mean these properties lose their hefty tax bill and actually become cheaper to buy, creating an influx of new interest."

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