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Stamp Duty changes to save homebuyers £1 billion


Data from Nationwide building society has shown that homebuyers could save up to £1 billion as a result of Stamp Duty changes. This is based on 2013/14 transactions data and assuming an average saving of around £1,580 across a total of 647,000 transactions.

More than two thirds of homebuyers are expected to save money from the changes, 29% of people will not see any change, and 2% of people are likely to pay more.

The changes in Stamp Duty were introduced in the Chancellors Autumn Statement, and it was claimed that they would help save money for everyone who was buying a house under the value of £937,000. The rates of stamp duty now applies to the amount of the house price that falls within a particular duty band, making it more like income tax.

Graham Beale, Nationwide’s Chief Executive, commented:
“It’s gratifying to see the changes that Nationwide campaigned so long for, making such a substantial difference to the pockets of homebuyers across the UK.
“With the implementation of the new progressive approach in Scotland just around the corner, buyers across the UK will now only pay for the amount of their property value over each new threshold, a victory for fairness and another encouraging step for all those considering a move on to or further up the housing ladder.”

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