New Research From Nationwide Reveals Many Buyers Pay Less Tax
Specialist conveyancing lawyers have welcomed new research showing how reforms to stamp duty have had a “positive impact” on the market.
According to new research from Nationwide, more than 230,000 people buying a property paid around £1,000 less tax as a result of changes to the stamp duty regime introduced at the end of last year.
It is thought that a total of £275 million less was paid in total, with the biggest benefits being seen in London, the south-east and the south-west.
Robert Gardner, chief economist at Nationwide, said “the impact on the pattern of transactions is already evident” even though the changes to stamp duty were only introduced in December.
Nationwide’s research also found that house prices in the UK rose by 0.4 per cent in July to an average price of £195,621.
“The figures on the impact of stamp duty changes on homebuyers are incredibly positive, but not wholly surprising overall.
“In recent years, there have been many indications that would-be first-time buyers have often struggled to save for a deposit, let along other related costs of buying a property – including stamp duty.
“It will be interesting to see if the trends continue and whether this news does encourage a growing number of people to make moves on the property market.”
Helen Hutchison - Partner