The new Stamp duty saves £1,500 pounds each buyer of property in the UK

The British real estate buyers could save a total of £1.9 billion since December last, in 2014, when we changed Stamp duty.

The analysis conducted by the real estate company “My Home Move” shows that the average property buyer in the UK saves an average of £1,500 pounds each since the start of reforms.

Reform of Stamp duty, which earned 04 Dec 2014, cancelled the old order of calculation of Stamp duty and introduced a new, which was very beneficial to everyone who made a purchase of a house or apartment cheaper than the £937500 pounds.

A survey conducted among employees of real estate agencies, showed that last year’s change to the scale of Stamp duty has had a positive impact on the market.

It would seem that not a very large amount – £1500 pounds savings, but it has become essential for many people who wanted to get a mortgage and become the owner of his house, but could not save the Deposit. A recovery in the market contributed to the price increase in average by 6%, which has positively affected the mood of the sellers – they were able to put their property at “fair”, in their opinion, price. Thus, the real estate market of the United Kingdom began to be filled with new estate, a chronic shortage which hindered the active processes.

Of course, not everyone has benefited from such reforms. Those buyers who buy luxury property in London costs more than £1.5 million have to pay Stamp duty of 12% , but this is a very small percentage of buyers, which is also gradually adapting to the new market conditions.

The slowdown in sales, which is now the top sector of the UK property market, causes fears of the government that may be arrears of taxes in the budget. However, announced last week the hanging of Stamp duty for investors “buy to let” have led to a new surge in demand for real estate. Investors rush to make the transaction before April 1, 2016, when, according to preliminary government plan, due to come into force a law that worsens the tax position of investors in the UK “buy to let”.

® Helen G. Antre 30.11.2015

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