Seddon Homes welcomes Stamp Duty reforms in BurnleyPosted on December 4th, 2014
Here at Seddon Homes we are delighted that the new stamp duty reforms will benefit our home buyers.
Stamp duty is a tax that anyone buying a home or piece of land for more than £125,000 must pay.
Less than 24 hours ago, stamp duty would have been paid at a single rate of 1% between £125,000 and £250,000 and 3% between £250,000 and £500,000, for example. So, if you had bought a property for £260,000, you would have still paid 3% in stamp duty despite only being £10,000 over the 1% cut off point.
Now, the rate that you will pay varies dependent on the price of the property you are buying, and the proportion of the property that falls into the applicable rate, which means that 98% of home buyers will pay less or the same as the old system.
So if you are buying any of our homes, you will now pay less than you would have paid yesterday — and if you are buying a house on the market for £125,000 or less, you will continue to pay no stamp duty at all.
Denis Maddock, Sales and Marketing Director at Seddon Homes explained how the reform has created important savings for new home buyers in Burnley.
“Before today, if you were buying one of our Rishton homes on our Oak Bank Mill development for £156,450, you would have paid £1,564.50 but from today, you will only pay £629, saving you £935.50!”
And the great news keeps on coming as all of Seddon Homes spacious 2 bed apartments at Oak Bank Mill are less than
£125,000 so are stamp duty free!
So with considerable savings to be made under the new reforms, moving to a brand new home has just been made even easier.
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