Stamp Duty Changes: A Major Impact on Home Buyers

Stamp Duty Surge: Home Buyers Face Higher Costs as Regulations ChangeThe recent alteration in stamp duty regulations has significantly impacted home buyers across the UK. The tax thresholds have reverted to 2014 levels, resulting in additional costs for property transactions. For instance, a buyer purchasing a home for £600,000 now pays an extra £2,500 in stamp duty. First-time buyers are hit even harder, with an additional £11,250. The reduction in the first-time buyer exemption from £425,000 to £300,000 has made budgeting for a home purchase more challenging. The stamp duty, usually paid through a solicitor or online, should not be added to a mortgage due to its potential to significantly increase long-term costs. These changes are causing a stir in the housing market, prompting buyers to reassess their budgets and property choices.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.