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Join us for our ‘Move in for summer’ event on Saturday 1 & Sunday 2 June across selected developments. Find out more here.

Stamp Duty changes come into effect

December 2014

The recent Autumn statement delivered by the UK Government has outlined changes which could have an impact on buyers of a Story Home.

The Chancellor George Osborne announced that changes to Stamp Duty rates would come into effect on Thursday 4 December.

The changes mean that around 98% of home buyers will see a reduction in costs when they purchase their home.

The new Stamp Duty rates are as below:

  • 0% on the first £125,000
  • 2% on the portion from £125,001 up to £250,000
  • 5% on the portion from £250,001 up to £925,000
  • 10% on the portion from £925,001 up to £1.5million
  • 12% above £1.5million

This means that if you’re buying a home of around £260,000, 0% will be paid on the first £125,000, with 2% levied on the amount between £125-250,000 and 5% on the £10,000 above that amount. This means that you would now pay £3000 Stamp Duty, instead of £7,800 under the old system, a saving of £4,800.

For more information about the Stamp Duty changes please visit: http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

Visit a Story Homes marketing suite this weekend to chat to one of our Sales Executives about the changes and properties available to you.