Member Article

New stamp duty benefits Bakewell says Cockertons

The majority of house buyers in the Peak District will be better off following the government’s recent changes to stamp duty claims Bakewell solicitors, Cockertons.

Conveyancing expert, Eve Lake, said: “Middle market purchasers are the big winners in last week’s reforms, but anyone looking at properties worth £937,500 or less will benefit.”

Buyers should save around £4,000 on the average price of a semi detached property in Bakewell, which stands at £286,000. Those looking for a terrace or detached house – worth an average £250,000 and £494,000 respectively – will also make savings, although they will be more modest.

In the chancellor’s Autumn Statement on December 4, the way stamp duty is calculated was altered with immediate effect. There is still no tax payable on the first £125,000, but then 2% will only be charged on the proportion of the purchase price from £125,001 to £250,000, instead of the full amount. This proportionate approach also applies to higher price brackets, with 5% payable from £250,001 to £925,000, 10% from £925,001 to £1.5 million and 12% thereafter.

Eve, a licensed conveyancer at Cockertons, added: “The full impact of the new stamp duty regulations remains to be seen, but there is hope among professionals that it will add buoyancy to the Peak District’s property market by encouraging buyers to look at higher value purchases. Bakewell house prices have risen by an average £24,000 this year and we expect this trend to continue.”

“Unfortunately, our high net worth clients are being penalised by the government reforms, for example, a purchase at £1.6 million will incur an extra £25,750 in stamp duty. However, when put into context against the number of buyers who will benefit, we believe these are changes for the better.”

Cockertons is a division of Sheffield solicitors, Taylor&Emmet LLP. For more information about its wide range of residential conveyancing services, telephone (01629) 812613, visit www.cockertonslegal.com or follow the firm on Twitter, @tayloremmet.

*Average house prices taken from Zoopla 05.12.2014

Issued: 08.12.2014

For further information please contact Nina Sorby at CORNER PR

Tel: 01246 433 451 Email: nina@corner-pr.co.uk Web: www.corner-pr.co.uk

This was posted in Bdaily's Members' News section by Nina Sorby .