For those who don’t know, the stamp duty system used to run on a ‘slab structure’, which gave the anomaly around a few key price points in the market. The most common perhaps being that if you paid £250,000 for a property you would pay £2,500 in stamp duty. Yet paying just £1 more (i.e. £250,001) would’ve resulted in a stamp duty bill for £7,500!
I’m going to take a more in-depth look at how the changes will impact property in Chichester in next week’s article (to be published in the Chichester Observer’s property section). For now, I thought you might like to see the visual I created below, showing how much you’ll save (or pay extra) depending on a property’s sale price.
You can see that all purchases below £925,000 will see the stamp duty bill either decrease or remain the same, with the most significant savings at the previous stamp duty thresholds i.e. £250,000, £500,000 & £1 million. There’s now a small anomaly in the £940,000-£1,000,000 price bracket, whereby you’ll pay more stamp duty, but the real ‘losers’ are those who are paying over £1,125,000 for their property.
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