Good news for home buyers: The chancellor’s autumn statement included a surprise reform of the stamp duty system. From midnight anyone buying a property in the UK will face a new set of rules.

Mr Osborne claims that 98% of purchasers will see a cut in their Stamp Duty liability. Under the old rules if you bought a house for £185,000 you would pay 1% Stamp Duty on the whole amount- a total of £1,850. Under the new rules, for the same property you will pay nothing on the first £125,000 and 2% Stamp Duty on the remaining £60,000. This works out as £1,200. A saving of £650.00

Please see below, a link for further details and information regarding the changes and savings:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382324/Stamp_Duty_15.pdf

It is understood that Commercial Property will remain unaffected. 

If you are searching for property to purchase please visit www.iamtheagent.com, the UK's largest online estate agent.