Mundys are very pleased to hear the news about the changes made to Stamp Duty to introduce a gradual band tax which are to take effect immediately.

With a high percentage of sales transactions being below £250,000 in Lincoln we feel these changes will make a big difference to potential purchasers and will help more First Time Buyers get on the property ladder. The saving on a property with a purchase price of £150,000 will be £1000.

Previous increases in stamp duty for properties over £250,000 adversely affected this area of the market but with the new structure in place the savings will be substantial. As an example you will see a saving of £4700 based on a purchase price £265,000.

These changes will benefit the majority of buyers looking to purchase a property within the Lincoln area and continue to help and improve the current market conditions.

We feel this reform of stamp duty was long overdue and welcome the changes.

Use the HMRC’s Stamp Duty Land Tax calculator