Stamp duty changes save homebuyers £701m

The Stamp Duty Land Tax reforms that were introduced in December last year have saved UK homeowners £701million in the six months since the changes came into force, according to myhomemove.

The Government’s estimate that the changes to how stamp duty is levied has cut the tax for 98 per cent of people purchasing homes under £937,500, is supported by the research carried out by the conveyancing service provider, which found that since the reforms each house buyer below this level has saved an average of £1,400.

Stamp duty reforms have saved UK home buyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the General Election.

The changes have had a particularly positive impact on thosestruggling the most to get onto the property ladder, including first-time-buyers, as they can now save more money towards a deposit for their purchase.

Under the old ‘slab’ system, there was a substantial increase in price at the stamp duty thresholds, which the reforms have reduced significantly, leading to greater movement up the property ladder and enabling homeowners to aspire to own properties that would have previously been unobtainable.