Stamp Duty reform saves £1,400 per person
Collectively UK homemovers have saved £701m since Stamp Duty adopted a progressive system, as only buyers paying out £937,500 – just 2% of buyers – have had to shell out more.
Doug Crawford, chief executive of myhomemove, said: “The Stamp Duty reforms have saved UK homebuyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the general election.
“The changes have a particularly positive impact on those struggling the most to get onto the property ladder, first-time-buyers, as they can now save more money towards a deposit for their purchase.
“While there are losers from the changes, these are a small minority of buyers. For them, the risk of a prospective mansion tax was far greater than the increase in Stamp Duty. Early signs indicate that the election result has reassured buyers of higher value properties, with many estate agents reporting a buoyant market at the top.”