Yesterday’s Autumn Statement announcement on Stamp duty reforms will reap the least rewards for those in the south west, whereas Londoners will save the most, calculations made by Skipton Building Society revealed.
Chancellor George Osborne stated that there will be no stamp duty tax payable for houses worth less than £125,000, 2 per cent on the portion above this and up to £250,000, 5 per cent on the next portion up to £925,000, 10 per cent up to £1.5m, and 12 per cent thereafter.
However Skipton calculated the south west region’s average saving is just £10, as the average house price in the south west is £249,000, making the old bill £2,490 and the new one £2,480.
The gap between this and the next region’s average savings is £510. In the West Midlands the average house price is £198,000, the old bill is £1,980 and now it is £1,460, saving £520.
In Scotland, Skipton stated the average house price was £197,000 so under the old stamp duty regime purchasers would have had to pay £1,970 and now they will pay £1,440, a saving of £530.
The East Midlands’ average house price is £189,000 making the old bill £1,890 and now it is £1,280, saving £610.
In Yorkshire, the average house price is £177,000 so the old bill is £1,770, now £1,040, saving £730.
In the north west the average house price is £176,000, making the old bill £1,760 and now it is £1,020, saving £740.
In Wales, the average house price is £172,000 so the bill would have been £1,720 and it is now £940, saving £780.
In the north east the average house price is £154,000, so the old levy was £1,540 and now it is £580, saving £960.
Northern Ireland’s average house price is £143,000, making the old bill £1,430 and the new one £360, saving £1,070.
In the south east the average house price is £338,000, making the old bill £10,140 and the new one £6,900, saving £3,240, while in the east the average house price is £289,000, making the old bill £8,670 and now it is £4,450, saving £4,220.
London’s average house price is £508,000 making the old bill £20,320 and the new charge £15,400, saving £4,920.