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Stamp Duty changes save buyers £4,500


Anyone who has bought a house or flat in the past 12 months has saved an average of £4,500 thanks to the Stamp Duty changes introduced by Chancellor George Osborne.

Stamp Duty, a tax that is paid on every property bought over a certain price, was reformed last December. Research from Halifax has shown that the changes helped many people make large savings, but dampened demand at the top of the market. This could be because the changes mean that the only people who pay more in Stamp Duty under the new rules are those buying houses worth more than £938,000.

The research also found that 72% of the stamp duty revenue raised comes directly from property purchases in London, the East and the South East of England. Only 1% of all properties bought in London cost less than £125,000 in 2015, in contrast to 45% of all homes in the North East of England.
In this years Autumn Statement, George Osborne announced a further reform on Stamp Duty. There will now be a 3% surcharge on Stamp Duty on some buy-to-let properties and second homes, starting from April 2016.

Craig McKinlay, mortgages director at the Halifax said:
"The changes made to stamp duty a year ago have been of significant benefit to many buyers.

"Only those purchasing the most expensive homes are worse off. There is some evidence that the top end of the market has been adversely affected by the changes with sales over £1.5m falling by twice as much as the market as a whole."

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