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.