Stamp duty changes are a great Christmas present says Leicestershire homebuilder

The changes to stamp duty announced by chancellor George Osborne, and which come into effect immediately, mean even better news for homebuyers. Along with the recent Help to Buy scheme the changes will make buying a new home more affordable.

A number of new stamp duty tax bands have been introduced. Under the new rules no stamp duty will be paid on homes up to £125,000, and then the purchaser will pay stamp duty on that part of the property price above the £125,000 which falls into the appropriate tax band.

Stephanie King, sales director at Leicestershire homebuilder Davidsons said “It’s a great Christmas present for homebuyers. The changes mean that from today buyers will have more money to spend on their home or have some money in their pockets to use in another way. For example, someone who is buying a home for £260,000 will now pay just £3,000 in stamp duty – that’s a saving of £4,800 compared to the old system. The majority of people buying a new home will see a cut in the stamp duty payable.”

Stephanie continued “We have a number of new developments planned for 2015, not just in Leicestershire but also in Warwickshire, Northamptonshire and Nottinghamshire. The changes mean that most of our purchasers will benefit, and it is especially good news for first time buyers. The previous stamp duty exemption period was very helpful for purchasers, and for stimulating market growth”.