New Stamp Duty changes benefit most homebuyers!
In December 2014, new rates were introduced. This means that 98% of homebuyers will be paying less when compared to previous rates.
Stamp Duty is the tax charged by the government when you buy a home for more than £125,000. The rate you pay depends on the value of your home and changed in England and Wales in December 2014.
Under the old rules, you paid a flat rate depending on the value of your property – that same rate applied to the entire transaction. Under the new rules the rate changes on a sliding scale.
Almost all homebuyers have benefitted from the changes. A typical new home in the UK costing £275,000 will now only attract a tax of £3,750, compared to £8,250 under the old rules. The changes will take thousands of pounds off the cost of moving into a brand new Hodson Developments home, making that dream more affordable for thousands of homebuyers. And when it’s combined with Help to Buy, requiring just a 5% deposit, it means moving to a new home now costs much less than you think!
New rates paid on the part of the property price within each tax band.
|Part of the value between:||£125,000||0%|
|Part of the value between:||£125,001 to £250,000||2%|
|Part of the value between:||£250,001 to £925,000||5%|
|Part of the value between:||£925,001 to £1.5million||10%|
|Part of the value above:||£1.5million||12%|
At some of our developments we have offers to help you move and we may be able to pay the Stamp Duty in full for you. Just ask a member of our Sales Team at the development you are interested in.
Stamp Duty calculator
Need to calculate how much Stamp Duty you’ll be paying on your new Hodson Developments home? Try our handy calculator below. It will not only tell you how much you’ll need to pay, but also indicate how much you may be saving when compared to previous stamp duty rates: