Homebuyers save hundreds of millions from stamp duty reform

March 1, 2016

A  government announcement published at the beggining of this week states that  over 780,000 homebuyers saved an estimated £657 million on Stamp Duty Land Tax (SDLT) in the year since the tax was reformed.

Transactions levels at the top end of the market remained constant under the new regime and stamp duty receipts from homes costing more than £1 million went up by 15% across the year.

In December 2014 the government reformed the residential stamp duty system, changing it from a ‘slab’ to a ‘slice’ structure and reducing stamp duty for 98% of people who pay it.

The Chancellor George Osborne said: ” In 2014 I cut stamp duty and already three-quarters of a million home-buyers across the country have benefitted. The overwhelming number of home-buyers – 98% – are saving money thanks to our reform, which has done away with the unfair old system that meant increases being imposed on those paying just a pound over the threshold.

“These figures show that the benefits are being felt across the country. It’s a fair, workable, lasting reform to the taxation of housing.

“I am determined that this government will continue to take bold action to support a home-owning democracy”.

To see the announcement in full visit UK.GOV

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Hertfordshire emerges as strongest performing London commuter county

New research from UK Property Development reveals that while London property prices fell by more than -3% in the past year, prices in some of the capital’s surrounding counties have enjoyed positive growth, none more so than the premium commuter county of Hertfordshire.   In the past year, London’s average house price has fallen by…
Read More →
Estate Agent Talk

Second homes losing appeal among the rich

New Survey Reveals Ongoing Maintenance Is the Biggest Barrier to Second Home Ownership   62% say upkeep and hassle would stop them from buying a second home, even if money were no object   A new survey conducted by luxury co-ownership platform Equity Residences has revealed that the practical realities of owning a second home…
Read More →
Letting Agent Talk

How to build a property portfolio with buy-to-let mortgages

One of the reasons property is such a popular asset choice for investors is that you don’t need to invest all the money yourself; you can leverage funds from the bank. Here’s a very simplistic example of how borrowing via a buy-to-let (BTL) mortgage allows you to multiply your returns versus owning a property all-cash:…
Read More →
Home and Living

2026’s Fastest-Growing Bathroom Trend Is the Wet Room

“Wet rooms have become one of the standout bathroom upgrades of 2026, moving from luxury extra to everyday renovation choice as more homeowners prioritise space, style and easy cleaning. The momentum is only building as spa‑style bathrooms stay in demand.” “Wet rooms used to be a niche request,” says Ant Langston, Marketing Manager at Heat…
Read More →
Home and Living

Homebuyers could cut energy bills by £400 a year

As the energy price cap keeps rising, the latest research from Yopa reveals that buying a new-build home could save homebuyers as much as £450 a year on their energy bills. With the energy price cap forecast to increase again over the coming year, many households are preparing for further pressure on their finances as…
Read More →
Breaking News

Zoopla House Price Index Reaction

The latest index from Zoopla shows that: – First-time buyers are targeting homes worth £10,000 more than a year ago, with average prices up 4.3% to £254,750 – nearly 3x the rate of UK house price growth There are 6% fewer first time buyers in the market than this time last year, but those that…
Read More →