Chancellor Kwasi Kwarteng has confirmed a permanent stamp duty cut in the mini-Budget.
The government is reforming stamp duty by doubling the level at which people begin paying this from £125,000 to £250,000.
Shaun Cafferty, Joint MD of leading local estate agents Whitegates, says that today’s Stamp Duty announcement is especially good for property buyers and sellers in Crewe and Nantwich.
“House prices have risen strongly in South Cheshire over the last 2 years, which meant more and more buyers were having to find the money to pay Stamp Duty to the taxman on their property purchases. Today’s changes, which are effective immediately, mean that a far greater number of home buyers will not need to find this extra money – often costing several thousand pounds or more.
“The rule changes are particularly beneficial to us here in Crewe, Nantwich and Sandbach, because our house prices are lower than in some other parts of England, and therefore a bigger percentage of local people will be able benefit by paying no Stamp Duty at all or at greatly reduced figures.
“It’s especially good news for first and second time buyers who won’t need to find extra money to get onto, or move up, the property ladder. The Stamp Duty saving will enable people to offer larger deposits instead, which will help keep mortgage payments lower despite rising interest rates.
“It’s good news too for existing homeowners, because it will reduce the cost of moving if they want to trade up or downsize, and it should keep buyer demand steady even if the cost of mortgages goes up”.
If you are a first time buyer or are interested in buying this winter to take advantage of this encouraging news then make sure you contact one of the fastest growing Estate Agents in South Cheshire.
Call our Nantwich office now on 01270 230044 or visit our brand website for more information.
