UK Home Buyers have saved a substantial amount of money since the introduction of the stamp duty land tax reforms. This has helped in particular to get the struggling first time buyer on the property ladder since they have significantly less to save in order to fund the fees for the purchase of their first home. This has led to greater movement up the ladder and a boost to the property market when it was starting to slow down in anticipation of the general election. Hopefully the Chancellor will leave things as they are in his next statement - we shall see !
Changes made six months ago benefited anyone buying a house for less than £937,500 Average saving of £1,400 per house purchase UK homeowners have saved £701million in the six months since the introduction of the Stamp Duty Land Tax reforms on December 4th 2014, according to myhomemove, the UK’s leading provider of mover conveyancing services.* The changes to how stamp duty is levied cut the tax for the 98%** of people purchasing homes under £937,500. The research carried out by myhomemove illustrates the large savings made by UK homeowners since the reforms, with each house buyer below this level saving an average of £1,400.