Stamp Duty changes come into effect

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.