Cut Stamp Duty Leaves Room For Home Improvements

Cut Stamp Duty leaves room for home improvements

George Osbourne has announced a new stamp duty system resulting in a dramatic cut in stamp duty for 98% of Homebuyers.

The new system is more similar to income tax as it gradually increases with the house price, replacing the previous slab system.

There is no stamp duty land tax on the first £125,000, 2% between £125,000 and £250,000, 5% between £250,000 and £925,000, 10%  between £925,000 and £1.5 million and 12% for all properties above £1.5 million.

This will not only make purchasing a home more accessible but also leaves flexibility on the money you can spend on home improvements such as conservatories, doors or double and triple glazing.

Cost of stamp duty locally

Semi-detached properties in Ashford sold for an average of £199,118. This price would be on the 2% rate with stamp duty of £1,482 compared to £1991.18, a 25% saving!

Medway has an average house price of £189,546, so is also on the 2% rate. This means stamp duty to be paid would be £1,291 compared to £1895.46, a 31% saving!

Maidstone average property price is of £229,798, again on the 2% rate, the stamp duty is £2,096 compared to £2297.98, a saving of 9%.

Average property prices in nearby Leatherhead are around £436,570, meaning a stamp duty payment of £11,828, still a saving of 11%.

Tunbridge Wells with an average house price of £342,867, sees a massive 44% saving on stamp duty, with a price difference of £3143 since the recent changes.

The savings all add up and will help new buyers get onto the market, along with existing homeowners being able to step up in property size and or value, without having to pay as much stamp duty as they would have.

If you are thinking of buying a house shortly that may need some home improvements such as triple or double glazing or doors and conservatories, then give us a call today at Britelite Windows and arrange a no obligation quote.