Mortgages  

Homebuyers save £657m after stamp duty reform

Homebuyers save £657m after stamp duty reform

More than 780,000 homeowners have saved on their stamp duty in the last year, according to HM Revenue & Customs.

An estimated £657m has been saved since the reformation of stamp duty tax in December 2014.

The reforms meant that stamp duty was reduced for 98 per cent of people who pay it.

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Chancellor George Osborne said: “The overwhelming number of home-buyers are saving money thanks to our reform, which has done away with the unfair old system that meant increases being imposed on those paying just a pound over the threshold.”

Analysis from HMRC found that homebuyers across the North-East saved an average of £900 per home, those in the East Midlands saved £500, while homebuyers in the North-West of the country saved £700.

The average homebuyer in the south-east saved £4,800.

Estimates are based on a snapshot of the latest HMRC administrative data collected between December 2014 and December 2015.

“These figures show that the benefits are being felt across the country,” Mr Osborne added. “It is a fair, workable, lasting reform to the taxation of housing.”

He said he is determined this government will “continue to take bold action to support a home-owning democracy”.