Up to £5,000 saves every buyer of real estate in the UK after the change of the scale of Stamp duty

The changes in Stamp duty, (What “Stamp duty”) payable when buying property in the UK, eventually led to the fact that each buyer saves an average of up to £5000, this is despite the fact that the number of people that buy a house has increased only slightly.

In 2005, £365000 people moved into their new home, and in 2015 – £366400.

Over the past 5 years, the average price of a property in the UK grew by almost 30% – from £210252 in 2010, to £273491 in 2015, or £63239, equivalent to an increase in the price of £1054 every month. The average Deposit paid when buying property in the mortgage, increased by 22% from £74649 in 2010 to £91020 in 2015.

London continues to significantly outpace the rise in prices the rest of the country with an increase of 51% to £515004 over the past five years. Accordingly , the Deposit to obtain a mortgage in London is £183353 that approximately 36% of the average price of property in London. On the other side of the scale is Northern Ireland, where the average price fell to £157338, and the average Deposit is– £43380.

Changes in the calculation of the Stamp tax, which was introduced in December 2014, has allowed the company to save each customer on average £4530. Especially noticeable savings felt buyers East Anglia, where each average purchase value of £255058 is subject to Stamp duty at £2751, and the introduction of a new scale, they were forced to pay £7650 – save over £4899. Buyers of affordable housing in all regions made savings of over £2500. In London, every customer saves on average £4850, South West England – £4654.

In 2016 should enter into force the new changes to Stamp duty in part 3% increase in collection for investors and second home buyers. Of course, this is good news for those who first buys a house. The government expects that through this measure the market is to do more affordable housing. This is especially good news for those buyers who change their own homes and sold their property at peak prices.

® Helen Entree. G. 11.02.2016

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