Dorset Estate Agent Reacts To New Stamp Duty Rules
8:33am 4th December 2014
(Updated 8:35am 4th December 2014)
It's now become easier for people trying to buy houses in the tough Dorset market.
The Chancellor's new shake-up to the way stamp duty's worked out come into effect at midnight.
Stamp Duty is now graduated which the government says will mean that 98% of homebuyers owe less than before.
Mark Parker owns a local estate agent Parkers Property Consultants and Valuers, he says it's a win-win for both sellers and buyers.
He told Wessex FM: "To have a staggered stamp duty is something that the industry has being championing for a long, long time.
"It will potentially give buyers more money in their pockets but also enable sellers to achieve the proper value of their properties'."
In some cases, buyers who were paying around £8,000 were told it would be halved to about £4,000.
But some industry experts are warning that the move could see prices go up as a result.
Here's how the changes will affect local properties in different price brackets:
- Up To £125,000 – No change: £0 to pay.
- £185,000 – Old system - £1,850; New system - £1,200. Saving = £650
- £275,000 – Old system - £8,250; New system - £3,750. Saving = £4,500
- £510,000 – Old system - £20,400; New system - £15,500. Saving =£4,900
- £2.1m – Old system - £147,500; New system - £165,750. Loss = £18,750