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

Riskiest Places to Purchase Property in England

Cash House Buyer Sell House Fast has revealed the riskiest places to buy and sell property in England, based on factors such as crime rates, flood risk, air pollution levels, road collision rates, and coastal erosion risk. The 5 riskiest places for buying and selling property in England: 1 – North East Lincolnshire (Overall Risk…
Read More →
Breaking News

House prices steady in May despite broader market uncertainty

The latest Halifax House Price Index for May 2026 shows that: House prices fell by -0.1% between April 2026 and May 2026. This marks the second consecutive month of marginal monthly decline. Annual house price growth increased slightly to 0.5% in May 2026, up from 0.4% in April 2026. The average UK house price now…
Read More →
Breaking News

Halifax House Price Index – May 2026

House prices steady in May despite broader market uncertainty. House prices edged down -0.1% in May, following a similar -0.1% fall in April Average property price now £298,806, compared with £299,251 in April Annual growth up slightly to +0.5%, from +0.4% in April Northern Ireland continues to record the UK’s strongest annual growth at +7.8%…
Read More →
Breaking News

More mortgage borrowers turning to shorter-term fixes

Borrowers are increasingly turning to shorter-term fixed-rate mortgages in response to higher rates, new analysis of mortgage search activity on Moneyfactscompare.co.uk has found. The share of Moneyfactscompare.co.uk website users comparing two-year fixed-rate mortgages increased from 48.4% in February to 55.6% in May, while demand for five-year fixed deals fell from 27.7% to 21.8% over the…
Read More →
Breaking News

Fear of a chain-breaks biggest concern in current market

The latest insight from quick sale specialists, House Buyer Bureau, has found that the most common reason homeowners choose a quick sale is no longer financial hardship, ill health, or the death of a loved one, but the desire to keep their onward move on track in an increasingly uncertain housing market. The internal data from…
Read More →
Breaking News

Property auctions generate complaints at four times the rate of the wider housing market

Property auctions account for just 2% of home sales but generate more than four times their share of complaints, according to a new insight report by the Property Ombudsman. The report highlights that while auctions remain a relatively small part of the wider residential property market, they are generating a disproportionately high level of consumer…
Read More →