Changes in stamp duty mean that most potential purchasers should save on purchasing a property and it could free up the congested £250,000 threshold. Positive changes for the housing market continue –
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Stamp duty changes in budget:
Residential property stamp duty has changed so that rates apply only to that part of the property price that falls within each band.
0% paid for the first £125,000
Then 2% on the portion from £125,000 up to £250,000
Then 5% from £250,000 up to £925,000,
Then 10% from £925,000 up to £1.5m.
12% on anything above that.
This will save approximately £4,500 on average priced home
Changes to come into effect at midnight on Thursday, 4 December.