An astonishing new data release has indicated just how much homeowners have saved as a result of the introduction of Stamp Duty Land Tax reforms.
Findings from myhomemove has suggested that since the introduction of the reforms on December 4th last year, UK homeowners have saved a huge £701m. Changes brought about by the reforms involve how stamp duty is levied. This cut tax for the 98% of people the purchase homes under £937,500.
The research from myhomemove shows the largest savings made by UK property owners and indicates that each buyer saved an average of £1,400.
Myhomemove CEO Doug Crawford, stated that, ‘the stamp duty reforms have saved UK home buyers 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.’
Crawford believes that, ‘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.’
Stamp duty reforms save homeowners £701m
Continuing, Mr Crawford said he feels that, ‘under the old slab system, there was a substantial increase in price at the stamp duty thresholds, which the reforms have reduced significantly, leading to greater movement up the property ladder and enabling homeowners to aspire to own properties that would have previously been unobtainable.’
‘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,’ Crawford explained. He went on to say, ‘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.’