Financial & Legal News

Good news for home buyers

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In today’s Autumn statement Chancellor George Osborne announced a significant change to Stamp Duty Land Tax (SDLT), making massive savings for 98 per cent of homebuyers.

“This is good news for not just for First Time Buyers but also expanding families who need larger properties but would struggle with the additional tax payable” said Conveyancing Solicitor Victoria Marshall

“Reducing the burden of stamp duty for buyers is crucial to getting markets moving again, we have seen growth this year as the economy improves, but further help is needed to give momentum to the housing market,” she added.

The move is designed to counter Labour’s mansion tax plans.

Mr Osborne has announced that there will be no SDLT on the first £125,000, 2% up to £250,000, 5% up to £925,000, 10% up to £1.5m, and 12% over everything above.

This is a considerable hike for those who own property worth more than £2m but at the same time it will hopefully stimulate the lower end of the housing market.

Let Pearson’s get you moving - If you need fast, efficient and professional conveyancing services please contact Victoria Marshall on 0161 785 3500 or email enquiries@pearsonlegal.co.uk

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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