A group of Conservative MPs have suggested stamp duty should not be paid for purchases under £500,000.
When Stamp Duty was first put in place house prices were far lower therefore affecting far fewer people, due to the rise in house prices this now means an estimated 94 per cent of homes purchased in England require Stamp Duty to be paid by the buyer.
Stamp duty is currently paid on house purchasers over £125,001.00 incurring a one percent Stamp Duty fee up to £250,000. Once the purchase price increases to £250,001 the Stamp Duty payable jumps to three percent meaning not only do buyers have to fund a deposit but they also need to fit Stamp Duty costs into their budget making it harder for buyers to purchase their dream home.
Although the latest proposals are backed by Treasury Committee Chairman Andrew Tyrie it is suggested these are not likely to make George Osborne’s approaching autumn statement.
If you require any further information about Stamp Duty click the below link:-
Sarah Hailes is part of our team of residential property department based in Loughborough; our Solicitors in Loughborough are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Loughborough please contact us.Talk to our legal team