Massive stamp duty changes!! In place midnight tonight

rosie383

Great news! We should save £500 just like that. And our buyer saves £900! Brilliant.

kwmlondon

I have to say that this is a very, very good move. I'm pleased to see a policy that isn't some daft populist sop but a genuinely sensible move that nobody could reasonably argue with. I'm no fan of this administration but credit where credit's due, it's an intelligent move and much better thought out than Labour's proposal. Looks like the tories will win the next election.

jstiff

£50 is £50 better than the other way.

Our buyer theoretically saves £1,190 which is brilliant for them. But I dare say it would of made our house more desirable at the time. But let's not be greedy now!!!!

BlaEm

I complete on Friday - these changes are going to save me £3,800

mystic_trev

Just had a quick play with the figures

Buying a £500k the stamp duty remains the same i.e. £15k. Any purchase under £500k you'll now pay less stamp duty, any over £500k and you'll pay more.

If my figures are wrong, someone will soon be along soon to correct me!

sartois

If you have already bought a place this year don't do what I just did and work out what you would have paid!

Just worked out I would pay £4000 under the new rules, rather than the £9000 I paid 5 months ago...

PurplePow

Fantastic, hoping to buy early in the new year and will save about £700

pinkteapot

Savings are biggest at the prices just above former thresholds. One previous band was from £250k to £500k:

£251k house: previously £7,530, now £2,550.
£300k house: previously £9,000, now £5,000.
£480k house: previously £14,.400, now £14,000.
£500k house: no change - £15,000 before and after.

mouthscradle

Woohoo, we exchanged on Monday and due to complete next Monday. Think this might be saving us £600, just waiting for confirmation from our solicitor. Saw the headlines and thought to myself "oh great, what a kick in the teeth", thinking it would be coming in after the election. Then I heard midnight tonight and nearly spat my drink out.

pinkteapot

mystic_trev wrote: »

Just had a quick play with the figures

Buying a £500k the stamp duty remains the same i.e. £15k. Any purchase under £500k you'll now pay less stamp duty, any over £500k and you'll pay more.

If my figures are wrong, someone will soon be along soon to correct me!

£510k: previously £20,400, now £15,500.

Corrected.

Think you were forgetting that it used to jump up to 4% on the whole purchase price above £500k?

As with the old £250-500k band, savings will be biggest at the bottom of the next (old) band and lower as you go up it. Not sure what the 4% band used to go up to, and whether anyone at the top of it will be paying more?