Seddon Homes welcomes Stamp Duty reformsPosted 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.
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 there is only one home remaining at our St James Place development so you can make the most of the additional saving on stamp duty of £860.50!
All of our homes on the Mosaic development in Runcorn are available for less than £125,000 so are stamp duty free — as are our spacious 2 bedroom apartments on the Oak Bank Mill development in Burnley.
Our well thought out 3 bedroom Bowland house types in Rochdale, complete with both utility and en suite in each, will now cost you only £379 in stamp duty; saving you a significant £1060.50!
And if you are looking for a large 3 storey, 4 bedroom family home in the Castleford area of Yorkshire, our Silkstone development could be the one for you. With only one Gledhow house type now available and with far-reaching countryside views to the rear, stamp duty will now be £1,199 on this new home, compared to £1,849.50 less than 24 hours ago.
Hammond Rise in Tittensor, near Stone, Staffordshire offers 5 bedroom detached homes in a select development of only 11 new homes. Here, you can buy a Grantham house type for £349,950, paying a new stamp duty of £7,497 compared to £10,498.50 yesterday, saving you more than £3000!
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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