89% of sales will be exempt from the basic level of stamp duty
89% of sales will be exempt from the basic level of stamp duty, 73% more than today’s exemptions
£3.8b could be saved by buyers, boosting the wider economy as they invest in home improvements, white goods and furniture
In 28 local authorities across England the proportion of sales liable for stamp duty will fall to 10%, compared to 95% today
The areas benefiting the most from the change are in and around London, where 95% of sales in some localities will not be liable for stamp duty
Richard Donnell, Director of Research and Insight at Zoopla commented:
“The immediate increase in the stamp duty threshold will help sustain the rebound in housing market activity across England. The benefits will be immediate; 9 of 10 transactions in England will no longer be subject to the tax and in London and the South East, home to more expensive properties, homebuyers can save up to £14,999 overnight. The Government will expect the change to stimulate more housing sales over the second half of the year and that savings made by buyers will be reinvested in home improvements, white goods and furniture, rather than bidding up the cost of housing.”
