Following on from the announcement from Parliament yesterday, Lynn Nixon, Associate and Northallerton Branch Manager asks, can the Cut in Stamp Duty help you?
The Chancellor announced permanent stamp duty cuts yesterday which are already having a positive impact ! The cut in the tax has already resulted in a sale being agreed on a property in our Northallerton Office which otherwise would not have been viable.
Stamp Duty is a tax payable to the government when you buy a home or land priced over a certain amount in England or Northern Ireland. The tax paid depends on the price of the property you are buying but previously, you would pay stamp duty on the portion of the cost of a home priced between £125,001 & £250,000 but following the change, no stamp duty will be paid at all below the threshold of £250,000, which means that according to Rightmove, approximately 33% of properties currently available for sale below that level are completely exempt from the tax.
There are also additional benefits for first time buyers as previously they were only exempt from paying stamp duty on properties up to £300,000. This has now been raised to a threshold of £425,000.The changes will reduce stamp duty costs across the board for all home movers by up to £2,500 & for first time buyers up to £11,250 which is likely to stimulate more demand from homebuyers. It is also expected that this will encourage more properties coming on to the market.
To see the full range of our properties available to purchase visit www.youngsrps.co.uk