How could Boris’ (possible) Stamp Duty reforms benefit Stoke on Trent?
Believe it or not, Stamp Duty is thought to have originated in Venice back in 1604, and made its way to England in 1694. A whopping 325 years ago!
In the world of property, it’s now snappily known as Stamp Duty Land Tax - or SDLT for short. Thresholds change over time (generally on an upwards basis!) as do who is obligated to pay (first-time home buyers receiving exemption in 2017).
What’s of interest now for the property people of Stoke on Trent is whether Boris Johnson is to make any material changes to the current system.
Whilst campaigning to be leader of the Conservative Party, Boris made public how he was considering increasing the threshold at which stamp duty kicks in to £500,000 from its current level of £125,000. Well, if he follows through then anyone buying a home in Stoke on Trent for between £125,000 and £499,999 will be big winner, particularly those purchasing at the top end of this range saving nearly £15,000 compared with the current system!
Here at OneAgency, we see this as a major plus for Stoke on Trent, if it happens...Anything that will help moving home more affordable is music to our ears so we’ll be keeping our fingers and toes crossed.
And don’t forget our simple and fair pricing structure - a fixed fee of £1,250,irrespective of the home’s value, all on a no sale, no fee basis. If this is of interest, please contact the team to start your journey towards the#joyofmoving.