Homebuyers to Save Thousands as Autumn Statement Reveals Stamp Duty Overhaul

Homebuyers to Save Thousands as Autumn Statement Reveals Stamp Duty Overhaul

98% of homebuyers currently paying stamp duty are set to save thousands of pounds after George Osborne’s Autumn Statement this week – making it easier for buyers across the country to get onto the coveted property ladder. The new thresholds, which have been compared to income tax in the way they gradually increase, mean that there are no sudden rises in stamp duty when the prices goes above the next threshold, putting money back in the pockets of homebuyers.

The move by George Osborne will ease the financial pressure on those buying more modest houses, while ensuring those buying luxury properties will pay more tax. Anyone buying a property for less than £937,000 – which is the vast majority of homebuyers in the UK - will be paying less stamp duty under the new rules.

Hopkins Solicitors, a Midlands-based firm, are on standby to offer advice and conveyancing services to homebuyers in the region who have been bolstered by the tax amendments. Their status as approved ‘Help to Buy’ solicitors for the Midlands is testament to their high levels of expertise and the stellar service they provide for all homebuyers looking to make that all-important first step to owning a property.

Julie Pountney, conveyancing expert at Hopkins Solicitors, says, “The brand new stamp duty rules have come at just the right time for many first-time buyers who may have been finding it tough to finance their first move. On average, someone buying a home in England or Wales will now pay £4,500 less in stamp duty – money that can be used towards their deposit, or for vital renovations or work which needs to be carried out on a new property. At a time when property prices seemed to be spiralling upwards, with many properties becoming unattainable, this will be the lifeline that many homebuyers needed.”

Under the old rules, which were widely criticised, someone paying £250,000 for a home would pay £2,500 in stamp duty – but if the price of the property was just £1 more, they’d end up paying £7,500 in stamp duty; 3% of the whole purchase price, as opposed to 1%. The average family home, which currently costs around £275,000, would have incurred £8,250 in stamp duty – but under the new rules, buyers will end up paying just £3,000. No tax is paid on the first £125,000 of a property, making the system fairer for all.

Hopkins Solicitors understand that buying a home is one of the most stressful times in life – and the biggest purchase decision many people ever make. Having conveyancing solicitors with the highest level of expertise can make the process run much more smoothly for homebuyers – and with Hopkins having been accepted onto a panel of approved ‘Help to Buy’ solicitors, they’ve cemented their status as one of the leading firms in the Midlands for all things conveyancing.

Julie adds, “Our expert team were thrilled to be accepted onto the approved panel, and we expect that we’ll be putting our talents to work much more in the coming months as homebuyers take advantage of this stamp duty reduction.”

To find out more about Hopkins Solicitors, visit their website: http://www.hopkins-solicitors.co.uk/ 

Editor's Note: Issued by Dakota Digital. For more information please contact Lauren Carroll. Email: lauren@dakotadigital.co.uk or Tel: 01623 428996 ext 2.