The recent change in Stamp Duty Land Tax (SDLT) is saving property buyers thousands of pounds reports the Mortgage Advice Bureau, with South East England and London being top of the leaderboard for areas benefiting.
Who’s benefiting and who’s not
The previous slab approach of SDLT has been replaced for a tiered system and people across the entire UK are making significant savings on their property purchase with an average saving for property buyers of £1,300.
Read more about the changes to SDLT:
Summary of mortgages and property in 2014
The Autumn Statement 2014
After the first month, London is showing on average £4,600 in savings from the new SDLT system, shortly followed by South East England, benefiting on average by £3,870.
North West England shows less favourable savings than the UK average, however, most come away with an extra £1,000, more or less, in their back pocket, so it’s not all bad news.
Data by Office for National Statistics (ONS) showed house prices in UK were on average £271,000 as recorded in October 2014. It was exactly for this segment of buyers, those investing in properties between £250,000 and £300,000, who would feel the benefit the most.
For more information regarding a property purchase, mortgages and remortgages contact the Dental & Medical Financial Services team.
Tel: 01403 780 770