Property news: Stamp Duty changes ‘a welcome reform’

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The team at estate agency William H Brown - www.williamhbrown.co.uk - in Leeds has welcomed changes to Stamp Duty Land Tax announced in Chancellor George Osborne’s Autumn Statement. The reforms, which should benefit 98 per cent of home buyers purchasing a property, will see many making significant savings on the cost of buying a home in the UK.

Osborne’s changes to Stamp Duty, which came into force on December 4, will create a more progressive, banded tax system for property purchases. Buyers will pay progressively higher rates of tax as the price of the home they buy increases, but only on the portion of the price which fits within each band rather than the entire purchase price.

“This is a positive and long-overdue reform which should make a big difference to the overwhelming majority of home buyers,” says Area Director, Jo Whincup. “In many cases, buyers could save thousands on the cost of purchasing a home.”

The housing market in and around Leeds has been very buoyant throughout 2014 with demand from buyers continuing to outweigh the supply of properties available. This latest good news on cuts to Stamp Duty should generate further impetus.

“High demand from home buyers has been the overriding theme in the housing market in 2014, fuelled by greater access to and availability of mortgage finance, and government schemes like Help to Buy,” Jo continues. “With these latest changes to Stamp Duty added into the mix I would urge anyone who has been thinking of selling their home to get in touch. I think a lot more buyers looking to take advantage of the new system going into 2015.”

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