On 1st April stamp duty rises are due to come into force, which is why here at Belvoir Corby we’re urging first-time buyers, home-movers and investors to start their property journey now to avoid being impacted by these changes, which could see thousands added to your moving fees.
Currently, properties with a purchase price of up to £250,000 are exempt from any stamp duty charges. However, under the new changes, from 1st April this threshold will lower to £125,000 with a 2% stamp duty fee then applied to the portion from £125,001-£250,000.
Stamp duty fees will also rise to 5% on the portion of property from £250,001-£925,000; 10% on the portion from £925,001 to £1.5 million and 12% for the remaining amount on properties priced above £1.5 million.
When it comes to first time buyers, currently there is no stamp duty payable up to £425,000. But, from 1st April the stamp duty threshold for first time buyers will lower to £300,000. This means that first-time buyers will begin paying stamp duty on property worth more than £300,001. A 5% stamp duty charge will be applied to the portion of a property from £300,001 to £500,000.
According to Rightmove, over the last year the average sale price of a home in Corby was £230,242. Based on this figure, a buyer will be asked to pay an additional £2104 in stamp duty fees when the new structure comes into effect.
That’s why we’re urging those who are thinking of moving to act now to complete on their dream property before the deadline to avoid paying higher stamp duty charges.
So, if you need help searching for the perfect property, we recommend dropping into our George Street office to speak to one of the team. We pride ourselves on our tailor made marketing, ensuring your home is exposed in the best possible light.
And with an unparalleled knowledge of the market, property values and the local area, we will give you good honest advice while helping you navigate your way through what can often be a stressful time in moving.
The team here at Belvoir Corby will also be able to answer any questions or queries you may have about the new changes in stamp duty fees.
For more information on Belvoir, visit www.belvoir.co.uk/offices/corby or call 01536 261666 to find out more about how we can help get you moving.
