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CORONAVIRUS UPDATE

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TODAY'S OTHER NEWS

UK homeowners have saved £1.9bn since stamp duty changes

UK homebuyers have collectively saved £1.9bn since the stamp duty reform in December 2014, according to My Home Move.

This equates to a £1,500 saving on average for homebuyers since the abolishment of the old stamp duty “slab” system. The changes benefited anyone who purchased a home priced under £937,500.

Almost 90% of estate agents polled by My Home Move revealed that last year’s stamp duty changes have had a positive impact on the housing market.

Those who are the big winners from the changes are first-time buyers and second steppers who may have ordinarily struggled with the house price hikes. 

However, it’s hard to please everyone, and it’s those high-end London buyers who have felt the brunt of the changes; with many paying up to 12% in stamp duty.

Doug Crawford, CEO of My Home Move, comments: “Home buyers have benefited from the significant stamp duty overhaul during the last twelve months with each buyer saving an average of £1,500 - a much needed boost for those struggling to get on the housing ladder as prices have risen by 6% during the last year.”

“Cheaper stamp duty bills don’t fix all the problems facing these buyers, but they do help by making it easier to save for a deposit,” he added.

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