If you are buying a property that is over the price of £125,000 but under £937,500 – then the Stamp Duty changes will save you money! Before these changes Stamp Duty taken place you would have had to pay tax on the entire price – NOW - you ONLY have to pay Stamp Duty on a part of the property without each pricing band. The latest figures from Land Registry and HMRC show that assuming individual save an average of £1580 across 647,000 transactions the Stamp Duty changes could save a total of £1billion for home buyers!

Stamp Duty will be cut for the 98% of the people who pay it. So…how much will you save?

Image: gov.uk

For example:

If you are purchasing a property at £270,000.

You will pay NOTHING on the first £125,000.

And pay Stamp Duty at 1.4% on the £145,000 which comes to a total of £2030!

To work out how much stamp duty you will be paying with the latest Stamp Duty changes, the HMRC has put together a Stamp Duty Calculator for you.

Are you a homeowner? Good news for you too!

The Stamp Duty changes will improve the saleability of your home.

Prior to the changes buyers had to pay £8,250 in Stamp Duty when purchasing a property at £275,000 (the UK's average family home!) NOW, buyers will only need to pay £3,750!

If you are thinking about selling your property and are looking for a Cheltenham Estate Agents, give us a call on 01242 500259 or send us an email to enquiries@cookresidential.co.uk to arrange a free, no obligation valuation of your property!

Click here to see the benefits of selling a property with Cook Residential.