Musings of a London Property Search Agent
Bigwigs from the RICS (Royal Institution of Chartered Surveyors), the NAEA (National Association of Estate Agents) and others have called on the Chancellor to clarify any changes to stamp duty payments asap, reports The Telegraph today. August is traditionally a slow month in the world of property sales and this year is particularly bad but some property professionals fear buyers will fail to complete before September to avoid missing out on any concessions.
Ideas mooted have included lengthening the deadline for payment of stamp duty. This would be of particular help to first time buyers who routinely pay in excess of £250,000 for their first property, incurring a stamp duty liability of over £7,500.
The mid-market would also benefit, as many people who want to move up the property ladder prefer to improve than to move to avoid the tax which works out at £40,000 on a £1,000,000 property – a good-sized family home within zone 2 in London.
Stamp Duty Liability as of 07.08.08
- 0% for residential property priced up to £125,000
- 1% for residential property priced between £125,001 and £250,000
- 3% for residential property priced between £250,001 and £500,000
- 4% for residential property priced over £500,001
To take advantage of this period of stamp duty relief contact this London Property Search Agent.