PHILIP’S BLOG 16/12/2014

STAMP DUTY BLOG

STAMP DUTY SAVING WILL ASSIST ALL OUR BUYERS

London, MJ Direct, Birmingham’s City Centre flatsThe changes in the Stamp Duty highlighted in the recent Chancellors Autumn Statement will definitely make life easier for almost all of our buyers in the coming year. The changes set out on December 3rd will allow a smoother pricing policy in the coming months plus bring savings to all those buyers below £937,000. It will also see properties priced marginally above the old thresholds rates achieving their prices as we there is no reason to negotiate back to the step level rate barriers, being at £250k,£500k, £1m & £2m.

The main impact of the new Stamp Duty (being zero on properties below £125k, 25 on the difference between £125k-£250k & 5% on the difference between ££250-£925k, 10% between £925k-£1.5m & 12% on everything over £1.5m) is that most buyers will pay less Duty. For a buyer at £265,000 this saving will be £4700, which is significant.

We think the City Centre market will therefore be busy over the coming months , starting earlier than usual helped by these changes. We expect to see demand from early January both from investors encouraged by the continuing good press about the City and its potential growth plus owner occupiers stepping into this market for the first time or indeed stepping up within the City to secure larger apartments. We therefore do encourage all potential vendors to talk to us early in the New Year as we feel the market will be buoyed in activity certainly until the General Election in May. Our three well located offices give us a huge insight into the grain of the different City Centre neighbourhoods plus offer buyers the largest range of apartments across the City core.

Philip Jackson
maguirejackson.com