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News Release...

December 2014 - Take Advantage of Lower Stamp Duty!...

In recent years, thousands of house buyers have been continuously hit with huge stamp duty tax bills when purchasing a property over £125,000. Chancellor, George Osborne has recently announced that these taxes have now been reformed and anyone buying a home below £925,000 will pay less tax.

Managing Director, Peter Ward, of Peter Ward Homes shared his thoughts...

Above: Managing Director, Peter Ward, of Peter Ward Homes shared his thoughts...

 

The new changes are said to be an on-going process, looking to make buying a house more affordable. With the added help of the existing government-backed schemes and the present interest rates, its even safe to say there has never been a more appropriate time to buy a new home.

Stamp duty was previously charged, as a single percentage of the entire property price, with fees increasing at the threshold of the rate bands. This meant there was a £5000 tax difference between a property priced at £250,000 and one which sold for just £1 more. This led to confusion, price setting and general dissatisfaction from consumers. The new duty will be applied like income tax and buyers will only pay the rate for the proportion of the property that’s in the rate band. There will still be no tax on properties up to £125,000 and the rate will now be 2% up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% above. So for a house costing £295,000 you will pay nothing on the first £125,000, 2% on the next £125,000 and 5% on the remaining £45,000.

Managing Director, Peter Ward, of Peter Ward Homes shared his thoughts on the new system: “The changes to stamp duty tax couldn’t have come at a better time for UK house buyers. For many, raising funds for a new home can be a challenging and stressful process so any opportunity to save money is always very beneficial. An average Peter Ward property sells at £175,000 costing the buyer an additional £1750 tax fee. With the new rules in place, only £50,000 of the overall price will be taxed, saving the buyer £750.”

On top of the stress of tax fees, is the pressure of getting together a deposit, which is why government-backed, schemes such as Help to Buy continuously make it easier for buyers.

Peter continued, “Help to Buy is a great way of assisting buyers who have a small deposit, purchase a new home. Whilst people are aware of Help to Buy and the other schemes available, I hope that now, with the lowered stamp duty rates, people take advantage of them and see that it’s not impossible to buy your perfect home.”

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Peter Ward Homes Limited
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East Yorkshire
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