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Osborne’s Stamp Duty reforms will help home buyers, says myhomemove
05 December 2014
As of Thursday 4th December, homebuyers will see changes to the amount of Stamp Duty Land Tax they are required to pay on their new properties. The reforms are set to benefit homebuyers that purchase a property between £125,000 and £925,000, which incorporates the average price of a family home, homes bought through the Help-To-Buy scheme and properties within the London area.
As the UK’s largest provider of mover conveyancing services, myhomemove has been campaigning for Stamp Duty reforms for a number of years, due to the positive impact a restructure would have on the market. myhomemove has calculated that, collectively, their customers would have saved over £51 million if these changes had been made two years ago, which is an average of £1,300 per purchase.*
Although homebuyers purchasing properties over £937,500 will see an increase to their bill, it is estimated that 98% of buyers will see a decrease in their Stamp Duty fees.
Commenting on the new reforms, Doug Crawford, CEO of myhomemove, said, “Whilst for a short time these changes may cause some confusion for homebuyers, most will see a reduction in the cost of moving home. The reforms will also be beneficial to the economy, as blockages that existed at each of the stamp duty thresholds will now be removed. We hope all of our customers will welcome these changes and we have already updated all of our systems and guidance so that we can support them in understanding how it will affect their purchase.”
The Stamp Duty Land Tax reform comes as part of the Chancellor of the Exchequer’s Autumn Statement, which he delivered to the House of Commons on Wednesday 3rd December.