Homebuyers are set to pay 110 per cent more in stamp duty by 2030, research shows
Peter Remon said the hike means he and his partner will need to save between £2,500 and £6,250 extra
Stamp duty, or stamp duty land tax , is a tax paid when someone buys a property, and key changes were made to the rules at last month’s Budget. Before October 30, the plan was for Mr Remon – who works in public relations – and his partner – who is an investigative specialist for a global tech company – to buy within the next two years.
They have even considered purchasing before the changes come in, in April, to avoid the tax entirely, but decided that because they do not have enough saved at this point for a deposit on a £425,000 home, they would not able to afford the type of property they want.much earlier than we initially planned – before the changes come in – to avoid the hike, but this means compromising on what we want, and likely having to buy a much cheaper house in a rush.
The spike of stamp duty receipts far outpaces the projected 41 per cent growth in residential property transactions over the same period, it showed, signalling how much more individual homebuyers will be paying in stamp duty. “These hikes are beneficial to the Treasury, but the balance needs to be just right so people aren’t dissuaded from buying homes.
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