UK buyers collectively saved nearly £2 billion because of stamp duty change
Posted 15 Dec 2015 09:00:00
Buyers in the UK have collectively saved £1.9 billion since stamp duty was reformed in December last year. 87% of estate agents in a recent poll said that stamp duty changes have had a positive impact on the market. Cheaper stamp duty bills help first time buyers and second steppers save for a deposit but it doesn’t fix all of their problems. However, there are some people who have lost out on the changes as luxury homes and expensive London properties command up to 12% in stamp duty.
Homeowners have benefited from the stamp duty changes with each buyer saving an average of £1,500 and as a result this has helped people who are trying to get on the housing ladder.
The changes could cause concern for the government as receipts from stamp duty start to fall.