Wiganers benefit from new Stamp Duty reforms.
The new Stamp duty on home purchases was reformed at midnight on Wednesday 3rd December 2014. I am delighted to report it was resoundingly a good thing for the vast majority of our customers. Whilst it will be a little more complicated to work out the tax, as there are now new bands and the Tax will now be graduated, the fact remains unless your house purchase is more than £937,000 you will pay less Stamp duty than before on your new purchase.
To give you an example of how those figures actually work in the market place. In the last 12 months according to the land registry there have been over 2000 sales in a 3 mile radius of Wigan, and only three of those sales have been in excess of £937,000! In an area like Wigan where our average selling price is around £200k house buyers will really benefit from the new reforms.
The biggest winners from the changes will be our clients trying to buy or sell a property at the key old stamp duty bands £125k, £250k & 500k. The new stamp duty tax will be fair and graduated rather than the old system where you were severely penalised if your purchase slipped into one of the higher bands.
Posted on: 10 December 2014